中資在英打破“并購詛咒”

The theory of the “M&A curse” has it that the benefits of a deal generally go to the seller, while the buyer’s share price often slides after a deal is done.

按照“并購詛咒”理論，交易的好處通常會流向賣方，而在交易達(dá)成后，買方的股價(jià)往往會下滑。

However, a new study shows that in the case of Chinese companies acquiring UK counterparts, such hoodoo appears to be absent.

然而，一項(xiàng)新研究表明，在中國企業(yè)收購英國企業(yè)的案例中，似乎并不存在這類不幸。

“Most, or almost all, M&A deals show a significant share price decline (of the buyer) when the deals are announced,” said Scott Moeller, professor at Cass Business School in London. But, he added, Chinese companies acquiring firms in the UK generally see an uptick in their shares as deals are announced.

“多數(shù)、或者說幾乎所有的并購交易表明，當(dāng)交易宣布后，(買方)股價(jià)明顯下滑，”倫敦卡斯商學(xué)院(Cass Business School)教授斯科特•莫勒(Scott Moeller)稱。但是，他補(bǔ)充稱，在英國收購公司的中國企業(yè)往往會在交易宣布后看到股價(jià)上漲。

“This demonstrates that the market positively evaluates the UK M&A activities by Chinese firms to obtain, for example, well-known brands, technologies and network channels,” according to a report jointly authored by Prof Moeller and Lin Zhu, also of the Cass Business School.

“這表明，市場積極評價(jià)中國企業(yè)為了得到知名品牌、技術(shù)和網(wǎng)絡(luò)渠道等而在英國進(jìn)行的并購活動，”莫勒和同在卡斯商學(xué)院的朱林(音譯)聯(lián)合撰寫的報(bào)告稱。

A sample of 44 Chinese-listed companies that bought UK companies between 2012 and 2016 showed the share price of the acquiring company 10 days before and after the deal announcement performed more strongly than overall market dynamics.

2012年至2016年期間收購英國企業(yè)的44家中國上市公司的樣本表明，在交易宣布的前10天和后10天，收購方的股價(jià)表現(xiàn)跑贏大盤。

The findings identify one of the motivators behind rising M&A deal volumes in the UK, which hit a record high in the second quarter of this year with 16 deals announced, according to data compiled by Grisons Peak, an investment bank based in London.

該發(fā)現(xiàn)確定了英國收購交易增加背后的激勵因素之一。倫敦投行Grisons Peak匯集的數(shù)據(jù)表明，今年第二季度，英國收購交易以16筆交易創(chuàng)歷史新高。

A boom phase in announced Chinese acquisitions in the UK began in 2015 and has carried through into this year, notwithstanding concerns voiced by some Chinese entrepreneurs over the UK’s vote to leave the EU. It remains to be seen how many of the announced deals are carried to a successful conclusion.

中國在英國進(jìn)行收購活動的繁榮期從2015年開始并延續(xù)至今年，盡管一些中國企業(yè)家表達(dá)了對英國投票退出歐盟(EU)的擔(dān)憂。尚不清楚有多少宣布的交易最終成功完成。

Assessed by value, the priorities of Chinese acquirers become clear. Some 44 per cent of the value of deals announced have been in the property sector, followed by 28 per cent in the consumer sector, 8 per cent in financial services, 7 per cent in oil and gas and 5 per cent in healthcare, with the remainder split between industrials and technology, according to Grisons Peak data.

以價(jià)值評估，中國收購方的優(yōu)先考慮變得清晰起來。據(jù)Grisons Peak數(shù)據(jù)顯示，宣布的交易價(jià)值有44%左右在房地產(chǎn)領(lǐng)域，28%在消費(fèi)者領(lǐng)域，8%在金融服務(wù)領(lǐng)域，7%在石油和天然氣，還有5%在醫(yī)療保健領(lǐng)域，剩下的在工業(yè)和科技領(lǐng)域。

The study by Prof Moeller and Lin Zhu shows that real estate acquirers experienced some of the most pronounced share price bounces among Chinese acquirers. Buyers of financial services firms, by contrast, tended to record a share price slide around the time of the deal announcement.

莫勒和朱林的研究表明，房地產(chǎn)收購方經(jīng)歷了中國收購方中最明顯的股價(jià)反彈。相比之下，收購金融服務(wù)公司的買家在交易宣布后往往會經(jīng)歷股價(jià)下滑。