“每一次股市动荡都会推动并购交易的活跃”

Die Seidenstraßeninitiative „One Belt, One Road“ reicht weit über den Aufbau von linearen Verkehrs- und Transportverbindungen zwischen Europa und Asien hinaus. Vielmehr soll ein umfassendes Infrastrukturnetzwerk in Eurasien entstehen.

尽管的中国的经济处于动荡中,其海外并购的浪潮并未因此平息。相反,并购活跃的趋势仍将不断增强,这一观点来自中国并购公会会长王巍。德国本土企业成为投资的聚焦点之一,但双方进一步的合作仍需更多准备。

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Unternehmeredition(《企业家》杂志):目前中国股市的动荡会对国有企业、私营企业和股权基金机构的海外并购活动产生怎样的影响?
王  巍先生:中国股市动荡将是一次中国产业和企业的价值洗牌。首先,让企业家和创业者再次了解了中国政府政策推动的能力,尽管市场经济已经启动了20多年,但基础设施依然是政府融资和国有企业在主导市场趋势,政策依然可以左右资源配置;其次,国家救市的重点仍是以国有企业和国家控制的战略资源产业为核心,民营企业和中小企业必须自救;第三,市场监管和救助的政策行为可以配合政治格局,反腐败反洗钱反内幕交易成为调整产业和企业结构的重要手段。每一次股市动荡都会推动并购交易的活跃,这与国际市场没有差别。但这次中国的股市动荡的突然和激烈程度会使得中国企业更多转向海外收购交易。

股市的震荡和市场的不确定性会不会加大中国企业海外投资在融资方面的难度?
对于民营企业应该不会。本来中国企业海外并购已经进入高速发展阶段,国内不确定性反而提升海外的确定性。中国资本的流动国际化已经形成稳定渠道,相信民营企业的海外并购会更有效率。国有企业会更复杂些。

境外标的公司会因为人民币贬值变得昂贵,这会不会对企业境外投资的决定产生消极影响?
中国企业对人民币贬值的判断和应对已经非常国际化了,确定的境外投资会有充分的对冲手段处理,应该不会有战略影响,只是速度调整。而且,全球化投资的考量因素不仅是人民币对美元或欧元的比价,而是几种主要币种之间的比价,还有利息和交易成本的比价。因此,单一汇价因素不会决定并购的取舍。

Dieser Post ist auch verfügbar auf: 德语

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Wei Wang is Chairman of China Mergers & Acquisitions Association (CMAA) which he set up in 2004 with over 180 companies & institutions, and Founder of China M&A Group, the most influential M&A investment banking boutique in China. He is also the General Secretary of China Private Equities Association from 2010. Mr. Wang has organized and supervised IPO underwritings for over 40 Chinese companies in both domestic and overseas markets. He is a financial consultant on restructuring, financing, M&A and IPO for many leading companies in China. He had worked in many leading organization and corporations such as Nomura Security Co. Ltd. In Tokyo, the World Bank in Washington D.C. and the Chase Bank in New York. Mr. Wang also serves as the economic advisor for several ministerial and provincial governments in China as well as independent director on several listed companies. Mr. Wang received his Bachelor degree in accounting, a Master degree in finance in China and his Ph.D. in economics from Fordham University in the United States. An author of many books, journal articles and a well known lecturer, He has given seminars and lectures in many universities include CEIBS and Cheung Kong Graduate School of Business. He found Asian Business School in 2008 and Chinese Museum of Finance in 2010. His excellence has been recognized by the public; Mr. Wang has been named as “Top Five Chinese investment bankers” by Talent Magazine in 2003, “the Most Influential Independent Director” by the Board magazine in 2006 and “the Most Influential Investment Banker” by China Finance Web in 2006. He is also selected as a member of Shanghai Stock Exchange Corporate Governance Advisory Committee in 2007.