国际经济与贸易学院知识库

近年来，在原料、能源、政策的多层现实约束下，国际化经营成为众多造纸

企业的一致选择。但是由于我国造纸业产能落后、产业集中度低并且国际化经验

不足，在国际竞争中处于劣势，国际化经营情况不容乐观。因此本文以山鹰国际

作为研究对象，分析其在此背景下进入国际市场的动因及模式，及其经营绩效的

变化，以期能够对山鹰国际国际化经营做出积极的探索，并对其他造纸企业提供

借鉴意义。

首先对我国造纸业国际化的动因及模式进行梳理，发现纸企出海是产业发展

的新趋势，并且主要以投资模式进入海外寻求资源；其次对山鹰国际的国际化动

因进行分析，认为企业出于获取原料、学习技术、寻求成本优势的目的进入国际

市场，然后从影响企业进入模式选择的内外部因素展开分析，发现山鹰国际通过

并购和新建的方式扩张海外资产，之后使用国际化蛛网模型分析山鹰国际的国际

化程度，发现其仍处于国际化低级阶段而且国际化发展不均衡，通过对山鹰国际

的财务指标分析，发现其在实施国际化战略后盈利能力、营运能力和发展能力有

所提升，但是偿债能力在下降。

通过研究分析，山鹰国际的国际化过程中存在三个问题，即国际化程度低、

财务风险增加和国际化经营人才不足。针对问题提出相关建议：首先，企业需要

开拓国际市场，针对发达国家市场，加大研发投入，提高产品的性能和质量，参

与国际细分市场的竞争；而对于新兴国家市场，企业则应该尽早布局，发挥先入

者优势。其次，企业要提高风险把控能力，建立更加全面投资评估体系、使用适

宜的融资方式以及重视投资后的整合，从而避免财务暴雷。最后，注重培养国际

化人才，推进人才本土化进程，加强员工的知识培养与实践锻炼，建立科学有效

的奖励政策，完善薪酬制度与绩效管理。期望帮助山鹰国际在国际市场的竞争中

脱颖而出，同时也为其他造纸企业出海提供借鉴经验。

In recent years, due to the constraints of raw materials, energy, and policies, internationalization has become a unanimous choice for many paper-making enterprises. However, due to the backward production capacity, low industry concentration, and lack of international experience in China's paper-making industry, it is at a disadvantage in international competition, and the situation of internationalization is not optimistic. Therefore, taking Shanying INTL as the research object, this paper analyzes the motives and models of its entry into the international market under this background, as well as the changes in its operating performance, in order to make positive explorations for Shanying INTL's internationalization and provide reference for other paper-making enterprises.

Firstly, we reviewed the motives and models of internationalization in China's paper industry and found that going global is a new trend in industry development, mainly through investment to seek resources overseas. Secondly, we analyzed the motives of Shanying INTL's internationalization, believing that the company entered the international market to obtain raw materials, learn technology and seek cost advantages,. Then, we analyzed the internal and external factors that influenced the company's entry mode selection. We found that Shanying INTL expanded its overseas assets through mergers and acquisitions and new construction. Using the Cobweb model, we found that Shanying INTL is still in the early stage of internationalization and its international development is uneven. Through financial analysis, we found that the company's profitability, operational capability, and development capability have improved after implementing internationalization strategies, but its debt-paying ability has declined.

Through research and analysis, there are three issues in the internationalization process of Shanying INTL, namely low degree of internationalization, increased financial risk, and insufficient international management talent. Suggestions are proposed to address these issues: Firstly, the company needs to expand its international market and increase research and development investment to improve product performance and quality, and participate in the competition of international segmented markets for developed countries. For emerging market countries, the company should lay out early and take advantage of the first-mover advantage. Secondly, the company needs to improve its risk control ability, establish a more comprehensive investment evaluation system, use appropriate financing methods, and pay attention to post-investment integration to avoid financial risks. Finally, the company should focus on cultivating international talent, promote the localization of talent, strengthen employee knowledge training and practical exercises, establish a scientific and effective reward policy, and improve the salary system and performance management. It is hoped that this will help Shanying INTL stand out in the international market competition and provide reference for other paper-making enterprises going global.