iii 摘要 “一带一路”倡议深入推进，我国对外承包工程行业迎来重大发展机遇。对 外承包工程的规模不断壮大，影响力日益提升，已经发展为“一带一路”的重要 支撑、工程企业“走出去”的重要路径、国际产能合作的重要方式、与世界各国 互利共赢的重要平台。共建“一带一路”正在向高质量发展不断推进，对外承包 工程也需要通过战略转型实现可持续发展。 本文采用文献研究、数据分析、对比研究以及案例研究相结合的方法，研究 对外承包工程企业战略转型问题。通过价值链、战略转型等理论的文献研究，理 清对外承包工程的价值链和产业链，将价值链理论应用到对外承包工程行业的战 略转型中，提出投建营一体化战略转型的方案设计。通过数据分析和对比研究， 归纳对外承包工程企业发展中盈利能力不足、国际化水平低、市场结构不均、业 务模式单一等制约因素。行业亟需通过投建营一体化战略转型打通价值链，提升 核心竞争力。 本文以中国中铁为案例研究对象。通过研究案例企业对外承包工程发展现状， 归纳中国中铁对外承包工程存在的业务模式亟待升级、市场结构亟待优化、企业 资源亟待整合、盈利能力亟待提升、高附加值环节亟待增强等问题。基于企业发 展瓶颈以及西班牙ACS、法国万喜等标杆企业的成功实践，提出基于价值链理论 的投建营一体化战略作为解决问题、引领发展的战略转型方向。中国中铁积极尝 试探索投建营一体化战略转型方案，从价值链视角，统筹项目开发全过程，重视 高附加值环节，整合价值链资源，搭建产业链一体化平台，打造运营团队，实现 项目全生命周期风险管控。通过项目层面的国际工程实践，中国中铁摸索出一条 符合企业自身发展的投建营一体化战略转型之路。 本文通过研究，得出投建营一体化战略是未来对外承包工程企业战略转型方 向的结论。通过实施投建营一体化战略，持续壮大对外承包工程规模，稳步提升 全球市场份额，逐步优化产业链结构，切实提升企业盈利能力，显著增强国际综 合竞争力。在基于价值链进行投建营一体化战略转型的过程中，企业沿着价值链 上下游补齐能力短板，尤其是投融资、设计咨询、运营维护等关键价值链环节。 整合价值链环节各项资源，确保价值链各环节高效协同。积极探索通过并购方式 延伸价值链，实现价值链跃升，促进对外承包工程行业高质量、可持续发展，为 践行“一带一路”倡议，推动构建人类命运共同体做出积极贡献。 关键词：价值链；对外承包工程；战略转型；投建营一体化 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT With the in-depth advancement and implementation of the “Belt and Road” initiative, China’s international engineering industry has ushered in major development opportunities. Both the volume and the influence of international contracted projects have scaled up fast, which has become an important support for the joint construction of the “Belt and Road”, an important form for contractors to “go global”, an important content of international production capacity cooperation, and an important practice for the win-win development with other countries. As the joint construction of the “Belt and Road” continues to advance toward high-quality development, international engineering industry also urgently needs strategic transformation and sustainable development. This paper mainly adopts a combined research methods of literature research, data analysis, comparative research, and case study to research the strategic transformation of China international engineering companies. Through literature review on value chain, strategic transformation and other relevant theories, the value chain and industrial chain of international engineering are described. The paper applies value chain theory to the strategic transformation of international engineering industry, and put forward the strategy of integrating investment, construction and concession. Through data analysis and comparative research, the paper summarizes the industrial development constraints such as insufficient profitability, low internationalization level, unbalanced market distribution and obsolete business model. To enhance core competitiveness, the industry needs to extend the value chain through strategic transformation of integrating investment, construction and concession. The paper uses China Railway Group Limited (CREC) as a case study. Through situation analysis, the problems in CREC’s international engineering business are revealed. Business model needs to be upgraded, market structure optimized, enterprise resources integrated, profitability improved, and high value-added chain strengthened. Base on CREC’s problems and the successful practice of benchmarking enterprises’ strategic transformation such as ACS and VINCI, the integration of investment, construction and concession based on value chain theory is proposed as a strategic transformation direction for solving CREC’s problems and leading future development. CREC actively explore the strategic transformation by integrating investment, 北京交通大学硕士专业学位论文 ABSTRACT v construction and concession. Firstly, the overall planning of the whole project development process is emphasized. Secondly, CREC attaches importance to high value-added chain. Thirdly, the value chain resources are integrated to build an integrated industrial chain platform. Fourthly, the company’s concession capacity is enhanced by building up a professional team. Fifthly, CREC realizes risk management and control of the project throughout its whole life cycle. Through project-level international engineering practice, CREC explored a strategic transformation path that suits the development of the enterprise itself. This paper concludes that the strategy of integrating investment, construction and concession is the direction of future strategic transformation for international engineering companies. Through this strategy, the industry participants can expand project scale, increase global market share, optimize industrial structure, improve profitability and improve international competitiveness. In the process of strategic transformation based on value chain theory, enterprises will enhance their weak links along the value chain, and strengthen key value chain links such as investment and financing, design and consulting, operation and maintenance. Various resources along the value chain should be integrated to ensure high efficiency and synergy. Mergers and acquisitions should also be explored to achieve a leap in the value chain. The proposed strategy in this paper will promote high-quality and sustainable development of China international engineering industry, and make positive contributions to practice the “Belt and Road” initiative and to jointly build a community of common destiny for all mankind. KEYWORDS：Value Chain; International Contractor; Strategic Transformation; Integration of Investment, Construction and Concession 北京交通大学硕士专业学位论文 序言 vi 序言 2019年，根据商务部统计数据，我国对外承包工程实现营业额11927.5亿元 人民币，同比增长6.6%，实现新签合同额17953.3亿元人民币，同比增长12.2%。 2019年9月，商务部、发展改革委、国际发展合作署等19个部门联合发布了《关 于促进对外承包工程高质量发展的指导意见》。其中明确了积极促进对外承包工程 企业投建营综合发展，支持企业以投建营一体化方式参与项目建设，沿产业链上 下游沿伸，实现由施工建设企业的市场定位向投融资、设计咨询、建设施工、运 营服务的综合服务商进行战略转型。 本论文作者就职于外经窗口单位，从事对外承包工程方面的工作近十年，对 于对外承包工程行业的发展瓶颈以及战略转型的迫切要求深有体会。作者通过亲 身经历观察到，目前对外承包工程企业主要业务模式仍集中在EPC工程总承包等 传统模式，主要收入来源仍为施工建设。利益链条短、利润率低、国际化程度不 高、业务模式单一等因素，深刻制约着行业的发展，使企业长期徘徊于价值链低 端，难以适应国际市场发展要求。而投建营一体化战略不仅是全球工程承包市场 的新趋势，也是中国对外承包工程企业扩大市场份额，实现企业盈利，推动企业 良性发展的必要条件。 作者希望通过对中国中铁的案例研究，为我国对外承包工程企业通过投建营 一体化实施战略转型设计具体的落地方案，启发相关企业积极探索国际化战略转 型路径。通过基于价值链的投建营一体化战略转型，持续壮大对外承包工程规模， 稳步提升全球市场份额，逐步优化产业链结构，切实提高企业盈利能力，显著增 强国际综合竞争力。对外承包工程企业的战略转型，将推动整个行业更好地践行 “走出去”战略，服务国家对外开放大局，促进工程所在国和世界经济与社会发 展，为推动构建人类命运共同体做出积极贡献。 北京交通大学硕士专业学位论文 目录 vii 目录 摘要 ..................................