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Pedro Miguel Ramos Lima Tendências Emotiv Inv Geopolítica Chinesanosetordaenergia&Utilities

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Pedro Miguel Ramos Lima Tendências Emotiv Inv Geopolítica Chinesanosetordaenergia&Utilities edro Miguel Ramos Lima P Faculdade de Economia e Gestão es Aquisiçõ China "Goes Global" Investimento Externo e Fusões & Aquisições Tendências e motivações do (a)braço corporativo da geopolítica chinesa no setor da Energia & Utilities. (Dissertação) Pedro Miguel Ramos Lima China "Goes Global" - Investimento Externo e Fusões & 2014 2014 China “Goes Global” Investimento Externo e Fusões & Aquisições Tendências e motivações do (a)braço corporativo da geopolítica chinesa no setor da Energia & Utilities Trabalho Final na modalidade de Mestrado apresentado à Universidade Católica Portuguesa para obtenção do grau de mestre em Gestão por Pedro Miguel Ramos Lima sob orientação de Carlos Manuel Ferreira dos Santos Faculdade de Economia e Gestão Fevereiro 2014 ii Agradecimentos “No man is an island”, disse-o em 1624 o poeta inglês John Done, hoje, quase quatro séculos depois, digo-o eu para me referir a um conjunto de pessoas que me rodearam no decorrer da realização deste projeto, e que para ele contribuíram com as suas críticas e elogios, com a sua presença e apoio, inclusive até com o seu silêncio. Um sincero agradecimento ao orientador deste estudo, Professor Carlos Santos, pelas sugestões, pelo apoio e pela expressiva disponibilidade em comigo partilhar as suas opiniões. Ainda no âmbito da Universidade Católica, um profundo agradecimento a todos os docentes e colegas do Mestrado em Gestão com quem tive oportunidade de me cruzar e de, em certa medida, me sentir privilegiado por fazer parte de um grupo pautado pela camaradagem, partilha e dinamização de conhecimento. Cheguei a esta universidade com um livro na algibeira e semblantes desconhecidos, saiu dela com uma biblioteca de conhecimento e de rostos amigos, recordações verdadeiramente memoráveis. Não posso deixar de agradecer à Angélique Pereira, minha parceira de biblioteca e uma das maiores amigas com que alguém pode ser presenteado na vida. Um profundo agradecimento ao David Martins por todo o apoio prestado, assim como a todos os meus amigos mais próximos pelos momentos de descontração e inspiração que me proporcionaram. Gostaria de concluir com as pessoas que me são mais caras, a minha família, particularmente a minha mãe, os meus irmãos e os meus sobrinhos. Em relação a eles terei uma eterna dívida de gratidão por todo o apoio que senti. Uma palavra especial para o meu pai que já não se encontra presente, espero que, onde quer que esteja, se sinta orgulhoso do meu percurso. iii iv Resumo O objetivo do presente estudo remete para o entendimento das tendências e dinâmicas motivacionais que conduzem à dimensão verdadeiramente global dos investimentos chineses no setor da E&U. A ascensão económica da China e a mediatização dos elevados investimentos realizados neste setor tem conduzido a um crescente alarmismo sobre as motivações que estarão na sua origem. Iniciada em 2005, esta tendência de investimento tem gerado intensos debates sobre os imperativos estratégicos que lhe estarão subjacentes, assim como sobre o porquê de determinadas preferências geográficas na alocação desse investimento. Este estudo procura assim demarcar os fatores que contribuem para o crescente interesse no setor da E&U e, ao mesmo tempo, elucidar sobre aqueles que serão os grandes imperativos geopolíticos, e em última medida geoeconómicos, que suportam este (a)braço verdadeiramente global de Pequim. Além disso, procura apresentar uma clara exposição das geografias primordiais para realização de IE e de F&A, tentando, sempre que possível, expor o racional subjacente a essas preferências. As principais conclusões deste estudo indicam que a envolvente regional é o principal foco do IE no setor da E&U, sendo que no caso das F&A, as regiões mais desenvolvidas passam a ser o alvo principal – tendência que estará relacionada com a maior possibilidade de absorção de tecnologia e know-how. No campo das motivações sobressai enquanto supra-motivação a legitimação do PCC por via da anuência social resultante da concretização económica que realize as expectativas da população e reforce a robustez dos mecanismos de dominação interna e de dissuasão externa – i.e., do aparato securitário. Palavras-chave: Investimento Externo; Energia & Utilities; Fusões & Aquisições; China; Partido Comunista Chinês; Energia; Geopolítica. v vi Abstract This study purpose refers to the understanding of the motivational dynamics that lead to the truly global dimension of Chinese investments in the E&U sector. China’s economic rise and the mediatization of its large investments in this sector have led to a growing alarmism about the motivations behind it. Initiated in 2005, this investment trend has led to intense debates about the strategic imperatives behind it, as well as about the why of certain geographic preferences in that investment allocation. This study thus seeks to demarcate the factors that contribute to the growing interest in the E&U sector, while elucidating about those which might be the major geopolitical imperatives, and in last case geo-economic, which support this truly global “arm” of Beijing. Moreover, it attempts to present a clear exposition of the primary geographies for conducting foreign investment and mergers and acquisitions, trying, whenever possible, to expose the rationale behind those preferences. The main findings of this study indicate that the regional surrounding area is the main focus of Chinese foreign investment in the E&U sector, and in the case of mergers and acquisitions, the most developed regions become the main target – this trend seems to be related to the higher possibility of technology and know-how absorption. Regarding motivations, stands out as the main reason the legitimization of the Chinese Communist Party through social consent that results from the economic achievement that carries out the expectations of the population and enhances the robustness of the mechanisms of internal domination and of external dissuasion – i.e. the security-apparatus. Keywords: Foreign Investment; Energy & Utilities; Mergers & Acquisitions; China; Chinese Communist Party; Energy; Geopolitics. vii viii Índice Agradecimentos ....................................................................................................... iii Resumo ...................................................................................................................... iv Abstract .................................................................................................................... vii Índice ......................................................................................................................... ix Índice de Figuras .................................................................................................... xiii Glossário ................................................................................................................... xv Introdução ................................................................................................................ 17 Metodologia ............................................................................................................. 21 Capítulo 1 China: A escalada do dragão ..................................................................................... 25 1.1. Reminiscências do passado ........................................................................ 25 1.2. Do passado recente ao presente ................................................................. 27 1.3. O presente de hoje........................................................................................ 34 Capítulo 2 Os pilares da ascensão económica............................................................................. 45 2.1. Recursos endógenos .................................................................................... 45 2.2. Recursos energéticos e utilities ................................................................... 49 Capítulo 3 O (a)braço corporativo da geopolítica chinesa ........................................................ 57 3.1. Enquadramento ............................................................................................ 57 3.2. Os braços do (a)braço corporativo ............................................................ 61 3.3. Tendências: Investimento Externo ............................................................ 69 3.4. Tendências: Fusões e Aquisições ............................................................... 80 Capítulo 4 As motivações do (a)braço corporativo .................................................................... 93 4.1. Enquadramento ............................................................................................ 93 4.2. Motivações de base ...................................................................................... 94 4.3. Motivações intermédias .............................................................................. 97 4.4. Motivações de topo ...................................................................................... 99 4.5. Outras motivações ..................................................................................... 103 ix Capítulo 5 Conclusão .................................................................................................................... 107 5.1. Principais conclusões ................................................................................. 107 5.2. Contribuições para a teoria e para a prática .......................................... 110 5.3. Limitações e pistas para investigação futura ........................................
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