您现在的位置: 纽约时报中英文网 >> 纽约时报中英文版 >> 商业 >> 正文

中国海外收购变成赔钱买卖

更新时间:2016/2/18 23:01:22 来源:纽约时报中文网 作者:佚名

China’s Deal Makers Have Disappointed
中国海外收购变成赔钱买卖

The ghosts of past failures haunt China’s new mergers and acquisitions players.

过去失败的阴影困扰着中国的新并购者。

Most of the country’s big overseas takeovers to date have fared poorly. Large bets on oil, mining and finance were victims of terrible timing. Though more recent deals like the China National Chemical Corporation’s $44 billion takeover of Syngenta look less cyclical, real challenges remain.

迄今为止,中国大多数海外收购案进展不顺。相关公司在糟糕的时机对石油、矿业及金融领域投下大赌注。最近的交易与往常有些不同,比如中国化工集团公司以440亿美元收购先正达(Syngenta),但困难依然存在。

To date, 13 of the 20 biggest completed deals by Chinese buyers outside the People’s Republic and Hong Kong have been in natural resources, Thomson Reuters data shows. Nine involved the state oil majors: Sinopec, the China National Offshore Oil Company and China National Petroleum. Another four were by state-backed specialists in metals, oil field services, chemicals and investment.

汤森路透(Thomson Reuters)的数据显示,迄今为止,在中国买主在中华人民共和国及香港之外完成的20笔最大交易中,有13笔交易涉及自然资源。国有石油巨头中石化、中海油及中石油参与了其中九笔交易。另外四笔是由国家支持的金属、油田服务、化学及投资公司开展的。

Big mistake. Oil prices have more than halved since those deals were struck. And there were operational headaches, too. Cnooc’s $18 billion purchase of Nexen left the Chinese group grappling with spills, fleeing civil war in Yemen and struggling to extract crude oil from Canada’s tricky oil sands. Nomura analysts say Cnooc could soon have to take an impairment charge of more than $5 billion on Nexen.

严重错误。自这些交易达成以来,油价下跌了一半以上。还存在运营问题。中海油在以180亿美元的价格收购了尼克森(Nexen)之后,努力克服泄露问题,逃离也门内战,在加拿大难以处理的油砂中提取原油也十分棘手。野村证券(Nomura)的分析人士表示,中海油可能很快就得为尼克森支付逾50亿美元的减损支出。

The record is not much better outside commodities. The $5.5 billion that the Industrial and Commercial Bank of China invested in South Africa’s Standard Bank has more than halved in dollar terms. The China Investment Corporation invested in Morgan Stanley and Blackstone before the depths of the financial crisis. Shares in Portugal’s utility EDP are worth a fifth less than the price at which China Three Gorges invested $3.5 billion in it. The WH Group, which is listed in Hong Kong, is down roughly a third since floating in 2014, suggesting that investors have lost their appetite for its $7 billion push into American pork.

除了大宗商品外,其他商品的记录也没好多少。以美元计算,中国工商银行对南非标准银行(South Africa’s Standard Bank)55亿美元的投资已经减少了一半以上。中国投资有限责任公司在金融危机陷入深渊前对摩根士丹利(Morgan Stanley)及黑石集团(Blackstone)进行投资。中国三峡集团向葡萄牙EDP公司投资35亿美元,而该公司目前的股价比投资时少了五分之一。自2014年进行投资以来,在香港上市的万洲国际(WH Group)的市值自2014年流通以来跌了大约三分之一,这说明该公司以70亿美元进军美国猪肉产业的事已经无法引起投资人的兴趣。

The list of value-destroying deals is worrying, given the rush to seek outward mergers and acquisitions, which hit a record $113 billion in 2015. Of course, Chinese buyers may have learned some lessons. There’s also a huge difference between chasing energy security and a seasoned deal maker like ChemChina’s chairman, Ren Jianxin, adding world-beating foreign companies to his stable.

鉴于中国出现海外并购热,2015年的交易额达到创记录的1130亿美元,这些毁灭价值的交易令人担忧。当然,中国买主或许得到了一些教训。中国化工董事长任建新等经验丰富的交易商将很多世界一流的外国公司收入囊中,和追求能源安全的交易还是有很大分别的。

Still, like other cross-border buyers, Chinese companies can struggle to run new overseas outposts effectively, while also keeping staff and governments onside. A poll by the consulting firm BCG found that Chinese acquirers thought just 32 percent of their foreign deals were “trouble-free.” Towering piles of debt – a staggering $43 billion is being raised in Syngenta’s case – raise the stakes further. The only consolation is that China’s outbound M.&A. record cannot get much worse.

但就像其他跨境买家一样,中国公司可能难以有效运营新的海外据点,同时获得员工及政府的支持。咨询公司BCG开展的民调显示,中国收购者认为只有32%的对外交易“没有问题”。巨额债务——先正达交易带来高达430亿美元的债务——进一步加剧了风险。唯一令人安慰的是,中国的境外并购记录不能更糟了。

“全文请访问纽约时报中文网,本文发表于纽约时报中文网(http://cn.nytimes.com),版权归纽约时报公司所有。任何单位及个人未经许可,不得擅自转载或翻译。订阅纽约时报中文网新闻电邮:http://nytcn.me/subscription/”

相关文章列表