國企再度引領中國對外投資

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.

國有企業(yè)在2017年再度成為中國海外并購交易的引領者，此前當局出手打壓私營企業(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.

根據普華永道(PwC)的分析和湯森路透(Thomson Reuters)的數據，今年上半年，國有企業(yè)和國有基金宣布的跨境收購交易總額達到287億美元，高于私營企業(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.

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

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政府背景的海外并購交易總額首次超過私營企業(yè)對外投資。與去年下半年相比，國有企業(yè)的海外并購交易總額提高了86%，而私營企業(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)管機構溝通的渠道，”一家國有投資公司的主管在談及為何今年私營企業(yè)達成的交易更少，而國有企業(yè)達成的交易更多時說，“政府希望對有形資產進行投資，而國有企業(yè)更好地遵守了這些指導方針。”

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，國企投資者獨力推動了中國作為全球資產買家的崛起。中海油(CNOOC)和中國鋁業(yè)(Aluminum Corporation of China)——依照中國監(jiān)管機構的指引——定下了中國將如何在境外部署外匯儲備的基調。

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年下半年開始，隨著監(jiān)管的放松，私營企業(yè)迅速成為了中國全球并購交易的面孔。海航集團(HNA Group)和騰訊控股(Tencent Holdings)成了中國最知名的收購者。

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年上半年國有企業(yè)購買力達到最頂峰的時候——中國化工(ChemChina)(見題圖)同意以440億美元收購瑞士先正達(Syngenta)，騰訊敲定86億美元收購芬蘭公司Supercell等交易也使私營部門成為跨境交易方面最強大的一股力量。

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

對政府而言，尤為令人沮喪的是一波奇奇怪怪的收購——規(guī)模并不大的自然資源公司紛紛收購視頻游戲開發(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，當時監(jiān)管機構開始擔心中國企業(yè)正利用海外并購將資本轉移到境外。

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.

中國的銀行業(yè)監(jiān)管機構對海航、大連萬達(Dalian Wanda)、復星國際(Fosun International)和安邦保險(Anbang Insurance)的債務狀況，以及這些借款人給中國銀行業(yè)帶來的系統(tǒng)性風險展開了調查。

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，安邦的董事長被當局帶走，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提供海外交易資金時說，“我們不跟地區(qū)性企業(yè)，甚至省級(國有)企業(yè)合作……問題不僅在于交易能否完成。就算交易完成，依然會有針對交易的調查。”

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.

這對個別私營企業(yè)造成了顯著影響。今年早些時候，一家國有銀行撤回了對中弘卓業(yè)集團(Zhonghong Zhuoye Group)競購紐約上市公司Brookdale Senior Living的貸款，此前該行修改了其對中弘卓業(yè)的風險狀況評估。

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