中文版

无锡尚德为什么会破产？

无锡尚德，这家曾被誉为光伏行业翘楚的企业，其破产的原因是多方面的，既有内部战略决策的失误，也有外部环境的冲击。

从内部因素来看，无锡尚德在战略决策上犯下了严重的错误。公司曾经两度误判光伏主要原材料多晶硅的市场走势，高价签订长期订单，导致背负了沉重的原材料成本负担。这种战略决策的失误直接影响了公司的资金链，为后续的经营埋下了隐患。

此外，无锡尚德在光伏技术的发展方向上判断失误。公司一度认为薄膜电池是未来技术的主要方向，并投入大量资金进行研发和生产。然而，市场的实际发展并未如预期，导致这部分投资成为沉没成本，进一步加剧了公司的财务困境。

从外部因素来看，无锡尚德破产的原因同样不容忽视。全球光伏产业产能过剩，导致市场竞争激烈，产品价格大幅下跌，公司的盈利能力受到严重影响。同时，欧美市场的“双反”政策也给公司的出口业务带来了沉重打击。这些外部环境的冲击使得无锡尚德的经营雪上加霜。

综上所述，无锡尚德的破产是内外因素共同作用的结果。内部战略决策的失误和技术方向判断的错误，以及外部环境的冲击和市场竞争的加剧，共同导致了这家曾经风光无限的企业走向衰败。

英文版

Why Did Wuxi Suntech Go Bankrupt?

Wuxi Suntech, once hailed as a leader in the photovoltaic industry, went bankrupt due to various reasons, including both internal strategic decision-making errors and external environmental impacts.

From an internal perspective, Wuxi Suntech made serious mistakes in strategic decision-making. The company misjudged the market trends of polysilicon, a key raw material for photovoltaics, twice and signed long-term orders at high prices, resulting in a heavy burden of raw material costs. This strategic decision-making error directly affected the company's cash flow and laid hidden dangers for subsequent operations.

Moreover, Wuxi Suntech also made mistakes in judging the development direction of photovoltaic technology. The company once believed that thin-film batteries were the main direction of future technology and invested a large amount of funds in research and development and production. However, the actual development of the market did not meet expectations, leading to this investment becoming sunk costs and further exacerbating the company's financial difficulties.

From an external perspective, the reasons for Wuxi Suntech's bankruptcy are also significant. The global overcapacity of the photovoltaic industry led to fierce market competition and a sharp decline in product prices, severely affecting the company's profitability. At the same time, the "anti-dumping and countervailing" policies in the European and American markets also dealt a heavy blow to the company's export business. These external environmental impacts further compounded the difficulties faced by Wuxi Suntech.

In summary, the bankruptcy of Wuxi Suntech was the result of a combination of internal and external factors. Internal strategic decision-making errors and incorrect judgments about technological directions, as well as external environmental impacts and intensified market competition, jointly led to the decline of this once prosperous enterprise.