中國(guó)對(duì)外投資回暖

China’s overseas acquisition spree, which surged to a record in 2016 before slumping in the first few months of this year, appears to be picking up strength again as state-owned companies stage a comeback while their private peers fall away.

在2016年飆升至創(chuàng)紀(jì)錄高位的中國(guó)海外并購(gòu)熱潮，今年頭幾個(gè)月曾出現(xiàn)滑坡，但如今似乎正恢復(fù)活力，國(guó)有企業(yè)重裝上陣，而私營(yíng)企業(yè)卻退后。

A new study by Rhodium Group, a consultancy, shows that the number of overseas M&A deals announced by Chinese acquirers rose strongly in May and June after hitting low levels in February, March and April following the imposition of capital controls at the end of 2016.

榮鼎咨詢(Rhodium Group)的最新研究顯示，今年5月和6月，中國(guó)收購(gòu)者宣布的海外并購(gòu)交易數(shù)量強(qiáng)勁增長(zhǎng)，在2016年底實(shí)行資本管制后，海外并購(gòu)交易數(shù)量在今年2月、3月和4月觸及低位。

“Following Chinese regulators crackdown on ‘irrational’ outbound foreign direct investment in November and December of 2016, new deal activity slowed sharply,” wrote Thilo Hanemann, director at Rhodium Group, in a report.

榮鼎咨詢董事韓其洛(Thilo Hanemann)在一份報(bào)告中寫道：“在2016年11月和12月中國(guó)監(jiān)管機(jī)構(gòu)打擊‘非理性’對(duì)外直接投資后，新的交易活動(dòng)大幅降溫。”

“However, data points from recent weeks indicates that the decline in the number of outbound M&A transactions has reversed,” he added.

他補(bǔ)充稱：“然而，最近幾周的數(shù)據(jù)表明，海外并購(gòu)交易數(shù)量下滑趨勢(shì)出現(xiàn)逆轉(zhuǎn)。”

The number of Chinese acquisitions valued at more than $5m announced during May and June came to 44, compared to just 29 in February, March and April. In terms of value the uptick is also visible, with $28.6bn in deals announced in the second quarter, up from $16.6bn in the first quarter, according to Rhodium data.

今年5月和6月宣布的交易額在500萬美元以上的中國(guó)海外并購(gòu)交易數(shù)量達(dá)到44筆，而2月、3月和4月僅為29筆。從交易額來看，增速也很明顯，根據(jù)榮鼎咨詢的數(shù)據(jù)，今年第二季度宣布的交易總規(guī)模為286億美元，而第一季度為166億美元。

Henry Tillman, chief executive of Grisons Peak, a London-based investment bank, said the the recovery in deal flow was coming mainly in specific areas. “This is a recovery but it is one in directed industries such as logistics and in areas related to the One Belt One Road project,” Mr Tillman said.

總部位于倫敦的投行Grisons Peak首席執(zhí)行官亨利•蒂爾曼(Henry Tillman)表示，交易數(shù)量的復(fù)蘇主要出現(xiàn)在特定領(lǐng)域。他表示：“這是一輪復(fù)蘇，但也是側(cè)重于物流和‘一帶一路’項(xiàng)目相關(guān)領(lǐng)域的特定行業(yè)的復(fù)蘇。”