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Objective, comprehensive and rational research on "going out" to help mining enterprises overtake in corners

the earliest "going out" of China's mining industry began in the mid-1980s, from "asking me to go out" to "I want to go out", from a simple state-owned enterprise to a diversified investment body, from development projects to grassroots exploration and other stages of projects, and then to the investment field, which gradually penetrated into the open mining areas in the world, China's mining industry has taken a big step in "going global". However, during this period, there were many examples of investment obstacles. Although it is hard to say that it failed, the overseas investment road of China's mining industry is indeed full of ups and downs. In recent years, the media and academia have talked about the high failure rate of "going global" of Chinese mining enterprises, which on the one hand suppressed the confidence of Chinese mining enterprises in "going global"; On the other hand, Chinese mining enterprises are labeled as failures, which affects domestic policies on overseas investment in mining and the development abroad. This paper takes the documents collected in CNKI database as the object, obtains 386 domestic documents related to the "going out" of China's mining industry in, summarizes the problems encountered in the process of overseas investment in mining industry by using bibliometrics and content analysis, analyzes the basic understanding in the documents, and reveals the source of understanding. Combing the literature is not only conducive to the in-depth and objective research of mining "going out", but also conducive to promoting the steady development of China's mining industry

I. literature source

taking China knowledge as the retrieval platform, we accurately searched and screened the "Keywords" and "abstracts" of the relevant literature on China's mining industry "going global" published in, and collected a total of 386 Chinese documents on China's mining industry "going global", including 243 journal documents, 97 doctoral and master's theses, 38 newspapers, and 8 conference proceedings. See Table 1 for literature types, author types and research methods. From the source of the author, the proportion of research on "going out" of China's mining industry is relatively unbalanced, mainly concentrated on doctors, masters and university scholars, and the proportion of articles is 46.89%. The number of articles from domestic research institutions is only 15.81% (Figure 1)

the research methods used in the literature can be roughly divided into two categories: (1) based on the case analysis of "going out", summarize the problems and causes, and put forward targeted countermeasures and suggestions; (2) Generally describe and summarize the dilemma (high failure rate), problems and risks of mining "going out", and put forward steady "going out" countermeasures from the two aspects of the enterprise itself and the government. The research on the "going out" of China's mining industry in the literature is lack of case analysis. 70.47% of the literature adopts the second analysis method, and only 29.53% of the literature adopts the case analysis method (Table 1)

Table 1 list of domestic literature related to the "going out" of China's mining industry

throughout all the literature, 272 (70.47%) did not involve cases, using a general narrative method, and only 114 (29.53%) involved case analysis. The case analysis method is highly targeted and effectively reveals the actual problems and challenges encountered by mining enterprises in overseas investment. However, according to the existing collected articles, the number of cases involved in the article is not only small, but also some cases serve as arguments, which are mentioned in one stroke, lacking detailed and in-depth analysis, and do not provide data support for the arguments. At the same time, the cases selected in the article of case analysis are repetitive, of which 59 are repetitive cases. Shougang Group's acquisition of Hierro iron ore and malcona iron ore in Peru and Aluminum Corporation of China's acquisition of the equity of Rio Tinto Group in Australia are the two cases mentioned most, as many as 10 times (Table 2). Articles that do not involve case analysis are strategically located and can accurately analyze the crux of the failure of "going out", but they are easy to fall into parrot, which may lead to the repetition of research conclusions

the current domestic literature on the "going out" of mining industry lacks case analysis, and the repetition rate of cases is high. None of them objectively analyzes the situation of overseas investment in mining industry based on the data of statistical departments or the statistics of "going out" cases of China's mining industry. It can be seen that the research on the "going out" of China's mining industry requires very little first-hand information and less tracking research and analysis

Table 2 list of repeated cases involving mining going out in domestic literature

domestic literature on China's mining "going out" mainly analyzes the problems faced by "going out" from three aspects: the enterprise itself, the external investment environment, and the domestic environment, involving the internal operation and decision-making of enterprises, and the complex and volatile external investment environment The differences between domestic and foreign investment markets and the lack of domestic security system to support the "going out" of mining industry (Table 3)

analysis object

reasons

enterprise itself

① lack of talents: lack of high-quality, compound international and transnational management talents. ② The malpractice of state-owned enterprise identity: seeking big and fast, and the concept of political achievement engineering leads to blindness in investment; "Absence of property right subject" and lack of cost-benefit accounting; Overseas investment does not fully consider economic interests; The embarrassment of state-owned enterprises' identity labels; The cost of mergers and acquisitions is falsely high in the evaluation of the target assets of loans provided by foreign banks. ③ Business philosophy: stick to the "Chinese style" management concept and lack international thinking. ④ Relationship Management: it is difficult to deal with the relationship with local government, community and residents, and personnel management is difficult. ⑤ Lack of understanding: the host country's investment environment is not well understood, and the policy and legal research of the target country is not in-depth; ⑥ Investment mode: transnational operation lacks the gradualness of the stage, lacks the integration plan, the strategic positioning and objectives are not clear, the development and operation mode is relatively simple, with little help of capital operation, and is more opportunity oriented, price oriented, expansion oriented, rather than strategic oriented; The foreign investment area is extensive, and the investment minerals are relatively concentrated; Foreign investment is dominated by mergers and acquisitions, and the investment methods are not rich enough. ⑦ Competitive pressure: the identity of entrants after overseas investment market; Disorderly competition among Chinese domestic enterprises increases the cost of mergers and acquisitions

external investment

environment

① political factors: political stability, international political autonomy, and the degree of friendship with China; Changes in the political environment of the host country; The risk of government intervention; The risk of government change; Risk of war or civil strife; Government credit risk; Environmental assessment and environmental rehabilitation. ② Legal and regulatory factors: changes in mining related laws and regulations, legislative and judicial arbitrariness, resulting in the lack of legal protection of investment; Legal constraints of the host country. ③ Resource factors: production and reserves of mineral resources. ④ Government energy efficiency factors: government efficiency, regulatory quality, corruption control, rule of law index. ⑤ Economic factors: market openness; Nibbling levy risk; Tax risk. ⑥ Media public opinion risk, discriminatory intervention risk. ⑦ Geopolitical risks. ⑧ Cultural differences. ⑨ Basic service factors production infrastructure; Lack of basic geological data or falsification of data. ⑩ Ecological environment risk

domestic environment

① investment methods lack decision-making standards. ② Lack of scientific guidance for investment environment analysis. ③ The regulation and coordination of the industry government is not enough. ④ The information service of intermediary institutions is incomplete. ⑤ National policy support is not in place. ⑥ The blindness of SASAC's assessment standards for state-owned enterprises and state-owned enterprise leaders makes enterprises ignore the opportunity of mergers and acquisitions, profitability, etc. ⑦ Government management is mutually restrained. ⑧ The current examination and approval system is imperfect and the examination and approval decision-making time is long. ⑨ The administrative government intervenes too much in enterprises. ⑩ The current financial credit system restricts the financing of enterprises

according to the statistical literature on the elements of China's mining industry "going global", some elements are repeatedly mentioned more times, and the political factors in the foreign investment environment are repeatedly mentioned the most, up to 48 times. Secondly, the problem of talent shortage was mentioned repeatedly for 31 times (Table 4). With regard to the analysis of the reasons for the frustration of "going out", the number of repeated mentions of various elements in the case analysis articles is more evenly distributed. In contrast, the analysis of articles involving case analysis is slightly more comprehensive than that of articles not involving cases. The analysis perspective of articles not involving cases is easy to focus on several elements, leading to echoing

Table 3 summary of domestic literature on the problems faced by China's mining industry in "going global"

① lack of talents: lack of high-quality, compound international and transnational management talents. ② The malpractice of state-owned enterprise identity: seeking big and fast, and the concept of political achievement engineering leads to blindness in investment; "Absence of property right subject" and lack of cost-benefit accounting; Overseas investment does not fully consider economic interests; The embarrassment of state-owned enterprises' identity labels; The cost of mergers and acquisitions is falsely high in the evaluation of the target assets of loans provided by foreign banks. ③ Business philosophy: stick to the "Chinese style" management concept and lack international thinking. ④ Relationship Management: it is difficult to deal with the relationship with local government, community and residents, and personnel management is difficult. ⑤ Lack of understanding: the host country's investment environment is not well understood, and the policy and legal research of the target country is not in-depth; ⑥ Investment mode: transnational operation lacks the gradualness of the stage, lacks the integration plan, the strategic positioning and objectives are not clear, the development and operation mode is relatively single, the experimental force shows overload, and there is little use of capital operation. Moreover, the rapid development of biomedical material research and production in China is mostly opportunity oriented, price oriented, expansion oriented, rather than strategic oriented; The foreign investment area is extensive, and the investment minerals are relatively concentrated; Foreign investment is dominated by mergers and acquisitions, and the investment methods are not rich enough. ⑦ Competitive pressure: the identity of entrants after overseas investment market; Disorderly competition among Chinese domestic enterprises increases the cost of mergers and acquisitions

① political factors: political stability, international political autonomy, friendship with China; Changes in the political environment of the host country; The risk of government intervention; The risk of government change; Risk of war or civil strife; Government credit risk; Environmental assessment and environmental rehabilitation. ② Legal and regulatory factors: changes in mining related laws and regulations, legislative and judicial arbitrariness, resulting in the lack of legal protection of investment; Legal constraints of the host country. ③ Resource factors: production and reserves of mineral resources. ④ Government energy efficiency factors: government efficiency, regulatory quality, corruption control, rule of law index. ⑤ Economic factors: market openness; Nibbling levy risk; Tax risk. ⑥ Media public opinion risk, discriminatory intervention risk. ⑦ Geopolitical risks. ⑧ Cultural differences. ⑨ Basic service factors production infrastructure; Lack of basic geological data or falsification of data. ⑩ Ecological environment risk

① investment methods lack decision-making standards. ② Lack of scientific guidance for investment environment analysis. ③ The regulation and coordination of the industry government is not enough. ④ The information service of intermediary institutions is incomplete. ⑤ National policy support is not in place. ⑥ The blindness of SASAC's assessment standards for state-owned enterprises and state-owned enterprise leaders makes enterprises ignore the opportunity of mergers and acquisitions, profitability, etc. ⑦ Government management is mutually restrained. ⑧ The current examination and approval system is imperfect and the examination and approval decision-making time is long. ⑨ The administrative government intervenes too much in enterprises. ⑩ The current financial credit system restricts the financing of enterprises

according to the statistical literature on the elements of China's mining industry "going global", some elements are repeatedly mentioned more times, and the political factors in the foreign investment environment are repeatedly mentioned the most, up to 48 times. Secondly, the problem of talent shortage was mentioned repeatedly for 31 times (Table 4). 6) analysis of the reasons for the frustration of the report folder report template folder in "going out". The frequency of repeated mention of various elements in the case analysis article is more evenly distributed. In contrast, the article involving case analysis is slightly more comprehensive than the article without case analysis, and the article without case analysis