國(guó)企再度引領(lǐng)中國(guó)對(duì)外投資

The state has re-emerged as China’s top overseas dealmaker in 2017 after authorities pulled back on an ambitious run of private offshore investment.

國(guó)有企業(yè)在2017年再度成為中國(guó)海外并購(gòu)交易的引領(lǐng)者，此前當(dāng)局出手打壓私營(yíng)企業(yè)一連串雄心勃勃的境外投資。

State-owned enterprises and funds announced $28.7bn in cross-border acquisitions in the first half of the year, greater than the $26.6bn in deals struck by private enterprise, according to an analysis from PwC and data from Thomson Reuters.

根據(jù)普華永道(PwC)的分析和湯森路透(Thomson Reuters)的數(shù)據(jù)，今年上半年，國(guó)有企業(yè)和國(guó)有基金宣布的跨境收購(gòu)交易總額達(dá)到287億美元，高于私營(yíng)企業(yè)的266億美元。

China Investment Corporation’s $13.8bn buyout of UK-based Logicor, one of China’s biggest deals of the year, is included in the tally of state deals.

國(guó)有企業(yè)的海外收購(gòu)交易包括中國(guó)投資公司(CIC)以138億美元收購(gòu)總部位于英國(guó)的Logicor，這是今年迄今中國(guó)最大的海外并購(gòu)交易。

The period marks the first time in a year and a half that the value of government-backed deals has surpassed private ones. Compared with the second half of last year, state deals have increased by 86 per cent while private transactions have tumbled by 40 per cent.

今年上半年是一年半以來(lái)政府背景的海外并購(gòu)交易總額首次超過(guò)私營(yíng)企業(yè)對(duì)外投資。與去年下半年相比，國(guó)有企業(yè)的海外并購(gòu)交易總額提高了86%，而私營(yíng)企業(yè)的交易總額下降了40%。

“We have the channels to communicate with the regulators,” said a director at a state-backed investment company on why fewer private and more state deals are getting done this year. “The government wants to make investments into tangible assets and state companies will better follow these guidelines.”

“我們有與監(jiān)管機(jī)構(gòu)溝通的渠道，”一家國(guó)有投資公司的主管在談及為何今年私營(yíng)企業(yè)達(dá)成的交易更少，而國(guó)有企業(yè)達(dá)成的交易更多時(shí)說(shuō)，“政府希望對(duì)有形資產(chǎn)進(jìn)行投資，而國(guó)有企業(yè)更好地遵守了這些指導(dǎo)方針。”

Until recently state investors alone fuelled China’s rise as a buyer of global assets. State-backed names such as Cnooc and Aluminum Corporation of China — with the guidance of regulators in Beijing — set the tone for how the country would deploy its foreign exchange reserves overseas.

直到近期之前，國(guó)企投資者獨(dú)力推動(dòng)了中國(guó)作為全球資產(chǎn)買(mǎi)家的崛起。中海油(CNOOC)和中國(guó)鋁業(yè)(Aluminum Corporation of China)——依照中國(guó)監(jiān)管機(jī)構(gòu)的指引——定下了中國(guó)將如何在境外部署外匯儲(chǔ)備的基調(diào)。

But starting in the second half of 2015, following a loosening of regulation, private enterprise quickly became the face of Chinese global dealmaking. Companies such as HNA Group and Tencent Holdings took the mantle as the country’s most prominent acquirers.

但從2015年下半年開(kāi)始，隨著監(jiān)管的放松，私營(yíng)企業(yè)迅速成為了中國(guó)全球并購(gòu)交易的面孔。海航集團(tuán)(HNA Group)和騰訊控股(Tencent Holdings)成了中國(guó)最知名的收購(gòu)者。

Even at the height of state buying power in the first half of 2016 — when ChemChina agreed to buy Switzerland’s Syngenta for $44bn — deals such as the one Tencent inked for Finnish group Supercell for $8.6bn made the private sector the most powerful force in cross-border transactions.

即使是在2016年上半年國(guó)有企業(yè)購(gòu)買(mǎi)力達(dá)到最頂峰的時(shí)候——中國(guó)化工(ChemChina)(見(jiàn)題圖)同意以440億美元收購(gòu)瑞士先正達(dá)(Syngenta)，騰訊敲定86億美元收購(gòu)芬蘭公司Supercell等交易也使私營(yíng)部門(mén)成為跨境交易方面最強(qiáng)大的一股力量。

Particularly frustrating for Beijing was a wave of bizarre acquisitions in which small resources groups bought video game developers and Hollywood studios.

對(duì)政府而言，尤為令人沮喪的是一波奇奇怪怪的收購(gòu)——規(guī)模并不大的自然資源公司紛紛收購(gòu)視頻游戲開(kāi)發(fā)公司和好萊塢制片公司。

All of that came crashing down at the end of last year when regulators became concerned that Chinese companies were using overseas acquisitions to move capital offshore.

這一切在去年底遭到打壓，當(dāng)時(shí)監(jiān)管機(jī)構(gòu)開(kāi)始擔(dān)心中國(guó)企業(yè)正利用海外并購(gòu)將資本轉(zhuǎn)移到境外。

China’s banking watchdog launched probes into the debt accumulated at companies such as HNA Group, Dalian Wanda, Fosun International and Anbang Insurance, and the systemic risk these borrowers pose to the country’s banking sector.

中國(guó)的銀行業(yè)監(jiān)管機(jī)構(gòu)對(duì)海航、大連萬(wàn)達(dá)(Dalian Wanda)、復(fù)星國(guó)際(Fosun International)和安邦保險(xiǎn)(Anbang Insurance)的債務(wù)狀況，以及這些借款人給中國(guó)銀行業(yè)帶來(lái)的系統(tǒng)性風(fēng)險(xiǎn)展開(kāi)了調(diào)查。

The companies have sharply cut back on their dealmaking and the chairman of Anbang has been detained by authorities, with his whereabouts unknown.

隨后這些公司大幅削減交易，安邦的董事長(zhǎng)被當(dāng)局帶走，至今下落不明。

The crackdown has prompted state banks to halt financing for private deals this year.

這次打壓促使國(guó)有銀行暫停為私有企業(yè)的海外交易提供融資。

“Only state companies, and only the bigger names,” a senior executive at a Chinese bank in Hong Kong said of the clients to which the bank is willing to provide overseas funding. “We don’t go with the regional or even provincial [state] names . . . It’s not just about getting completion. Even after completion, there are still investigations into deals.”

“只能是國(guó)有企業(yè)，而且只能是比較知名的企業(yè)，”香港一家中資銀行的高管在談及銀行愿意為哪些客戶(hù)提供海外交易資金時(shí)說(shuō)，“我們不跟地區(qū)性企業(yè)，甚至省級(jí)(國(guó)有)企業(yè)合作……問(wèn)題不僅在于交易能否完成。就算交易完成，依然會(huì)有針對(duì)交易的調(diào)查。”

The effects on individual private groups have been observable. A state bank earlier this year pulled its funding for property conglomerate Zhonghong Zhuoye Group’s bid for New York-listed Brookdale Senior Living after revising its risk profile on the company.

這對(duì)個(gè)別私營(yíng)企業(yè)造成了顯著影響。今年早些時(shí)候，一家國(guó)有銀行撤回了對(duì)中弘卓業(yè)集團(tuán)(Zhonghong Zhuoye Group)競(jìng)購(gòu)紐約上市公司Brookdale Senior Living的貸款，此前該行修改了其對(duì)中弘卓業(yè)的風(fēng)險(xiǎn)狀況評(píng)估。

The move has erased up to $4bn from the private dealmaking count in what would have been one of the year’s biggest private takeovers.

此舉使這筆40億美元的私營(yíng)企業(yè)交易泡湯，原本這筆交易有望成為今年最大的私營(yíng)企業(yè)收購(gòu)交易之一。