【正文】 the audiences will feel reassured. 4. Another biased ad is Pepsi TWO。如果從單純的理論角度和價(jià)值分析來看，這次交易是太昂貴，但是從額外利益和強(qiáng)勁增長(zhǎng)前景來看，這樣的出價(jià)是很明智的。如果可口可樂成功了，毫無疑問中國政府會(huì)很滿意，這有利于可口可樂未來的商務(wù)前途。 不僅如此，讓可口可樂掌管匯源，中國政府也可以達(dá)到它的主要目的：為國內(nèi)品牌獲得國際認(rèn)可。在中國，人際關(guān)系網(wǎng)仍然非常重要。） 相反的，可口可樂完全控制了匯源。盡管可口可樂在中國已被廣泛的接受，但是允許外國公司進(jìn)入中國去經(jīng)營管理他們的產(chǎn)品，這是中國邁出的很大的一步，但是讓一家外國完全掌管一家國內(nèi)公司幾乎是不可能的 —— 盡管可口可樂在 1979 年就進(jìn)入了中國 ，且已經(jīng)成為中國社會(huì)的不可或缺的一部分，這一點(diǎn)對(duì)它來說也是一樣。 中國政府阻止外國公司進(jìn)入吞并中國本土公司 —— 像匯源這種經(jīng)營不利的公司也不例外。如 果可口可樂用如此高的價(jià)格收購一家美國公司 —— 或者坦白的說世界其它地方任何一家公司—— 它的股票會(huì)跌得更慘。盡管可口可樂支付的價(jià)格 —— 三倍于惠源的市場(chǎng)價(jià) —— 看起來有些欠思考，但是終究會(huì)物超所值，因?yàn)閰R源統(tǒng)領(lǐng)了地球上最大的且增長(zhǎng)最快的果汁市場(chǎng)，在那里，居統(tǒng)領(lǐng)地位的外國公司很少，且外國公司要統(tǒng)領(lǐng)這個(gè)市場(chǎng)相當(dāng)困難。s Coup in China At least initially, the stock market seemed less than impressed with CocaCola‘s $ billion acquisition of the Chinese juice maker Huiyuan. In latemorning trading Wednesday, shares of the Atlantabased drink maker were down slightly. But while the price that CocaCola paid — three times the juice maker‘s market value — seems heady, it could eventually look cheap given that Huiyuan dominates the juice market in the largest and fastestgrowing country on the pla, where foreign takeovers are rare and difficult. CocaCola bought the juice maker for about six times its 2021 revenues, whereas CocaCola, arguably one of the world‘s premier beverage panies, trades at only four times its 2021 revenues. If CocaCola had paid such a high price for a pany in the United States — or, frankly, anywhere else in the world — its stock would have been punished far more severely. But the $ billion price tag gives Coke something extremely unusual: control of a Chinese pany. The Chinese government resists foreigners ing in and gobbling up homegrown panies — even ones like Huiyuan, which wasn‘t doing so well. After all, China is a reforming munist state where private property rights were introduced just a few years ago. Letting foreign panies in the country to market their products was also a big step, although one that has largely been accepted. But letting a foreigner pletely take over a domestic pany has been all but impossible — even for CocaCola, which has been in China since 1979 and is very much part of the fabric of Chinese society. (CocaCola was also one of the most prominent sponsors of the Beijing Olympics.) By contrast, CocaCola is gaining full control of Huiyuan. That will allow CocaCola to bring its marketing, logistics and brand recognition to Huiyuan while retaining the pany‘s ―guanxi,‖ or personal work. China is still a country where it matters whom you know. By retaining the pany‘s powerful — and now extremely rich — chairman, Zhu Xinli, CocaCola has increased its own ―guanxi‖ in the country, which could help it secure more deals. Furthermore, letting CocaCola take control of Huiyuan could help the Chinese government reach one of its major goals: international recognition for its domestic brands. CocaCola can help Huiyuan expand rapidly throughout the world, which could open the door to other Chinese panies eager to expand outside the motherland. If CocaCola is successful, the Chinese government will undoubtedly be pleased, which can only help CocaCola in further business dealings. CocaCola has acknowledged that the acquisition will be a drag on its earnings for the next couple of years. But if the deal looks extremely expensive based on pure fundamentals and val