标题: ?boire de la voir des photos excluding China [打印本页] 作者: ws57i0zj4a 时间: 2016-10-28 01:30:22 标题: ?boire de la voir des photos excluding China
Report: Why Chinese companies to dramatically increase overseas acquisitions?
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Author: Zhang (Pangu academic think tank members, Macro Research Center Senior Research Fellow, International Academy of Social Sciences World Economics and Politics Research Office Investment Institute), Wang Bi Jun (China Academy of Social Sciences World Economics and Political Research Assistant International Investment chamber) Source: Pangu think tank
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In the first half of this year, China's overseas M & A surge in China 's global buyout prevalent. Although according to China's Ministry of Commerce, the actual completion of the acquisition of less than 20% of overseas foreign media reports,onitsuka tiger homme, but Chinese enterprises overseas mergers and acquisitions of substantial growth trend worthy of attention. Driving factors behind this are many, including a few cases outliers formation disturbance, support easing the financial side, the asset allocation of the RMB exchange rate under pressure, as well as foreign investment approval procedures decentralization released enterprises overseas investment in energy and the like. We do not have to think too much about Chinese overseas acquisitions brought about a substantial increase in capital outflows, should be of concern to overseas acquisitions in the process of corporate debt and the loss of state assets.
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Chinese enterprises overseas mergers and acquisitions of domestic and foreign data an order of magnitude difference, mainly due to differences in statistical standards.
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At the beginning of the second quarter, a number of foreign media have reported that a quarter of the total size of China's overseas M & A nearly 100 billion US dollars more than last year, causing an uproar among the moment. For foreign media reports,hogan scontate, the Chinese Ministry of Commerce has been clarified. In the first quarter of this year, Chinese enterprises overseas M & A total of 142, the actual transaction amount of $ 16.56 billion.
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One is more than ten billion US dollars, is a $ 100 billion, the Commerce Department released data discrepancies Why foreign media and data published so great? The main reason is that the statistical differences. The Commerce Department reported that China has completed the delivery of outbound transactions. Data released by the foreign media include three categories: First, China has completed the delivery of outbound transactions; the second is the newly announced Chinese outbound M & A transactions, when the project is still in the consultation phase may be just business; the third category is both Chinese and foreign transactions basically reached a merger intentions,air max one, but also through the national security review of relevant government departments. Evidently,magasin louboutin paris pas cher, the media published a wider range of data, data released by the Ministry of Commerce are not comparable, so have the data at home and abroad an order of magnitude difference of great contrast.
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Because of mergers and acquisitions announced from the consultations, the two sides, to the government for approval, until the final completion of the middle there are many uncertainties, time-consuming, ranging from several months to several years. If the data according to foreign media diameter, can easily result in double counting. For example, a quarter of the newly announced M & A transactions not yet completed, will be repeated at least once in the second quarter to calculate statistics. If you have not yet completed in the second quarter, the third quarter will repeat once. Therefore, according to Commerce Department data has been completed deals caliber, to better reflect the reality of China's overseas mergers and acquisitions, to avoid double counting of data or withdrawn for various reasons caused by bias.
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In addition to the statistical differences, the data itself overseas mergers and acquisitions, there are many serious criticisms of the place. For example, some enterprises overseas mergers and acquisitions are not using domestic entity, but a registered subsidiaries in offshore financial centers (such as the Cayman Islands, the British Virgin Islands). If the deal is fully completed financing in overseas markets, not in the Chinese national statistical range of domestic regulatory agencies, but is still considered to be the host country of investment from China, which is another cause of discrepancies.
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While foreign media reports data diameter is too large, but it reflects a trend worthy of attention. Even look at the completed Chinese overseas M & A transactions,nike free tr twist, an increase of a quarter as high as 119%. Chinese enterprises overseas mergers and acquisitions of substantial growth for four reasons:
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First, a few cases the formation of abnormal values disturbance. A very significant case is the China Chemical Industry Group Switzerland merger. February 3, China Chemical Industry Group announced to spend $ 42.8 billion acquisition of Swiss seed and pesticide giant Syngenta, which is by far the largest in the history of Chinese enterprises overseas acquisition sum. Previously the largest transaction in 2013 was $ 15.1 billion CNOOC acquisition of Canadian energy company Nexen. China's chemical industry overseas acquisitions this sum is a quarter of the total amount of 16.56 billion US dollars to complete the acquisition of nearly 3 times! Significantly boosting the overall amount of China's foreign mergers and acquisitions.
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Second, easing the financial side of the support. Since the second half of 2015, with the downward pressure on the economy, employment and financial stability risks rise, monetary policy easing credit and financial community to serve the overall maintained at a high level,air max bw, the real economy, the financial side tends to be relaxed. In support easing the financial side,moncler outlet online, the part of the companies have access to low-cost loans to the real economy,woolrich uomo ebay, investment will rebound. However, by many domestic industry overcapacity, the impact of capital market instability, domestic assets and insufficient support from the needs of enterprises. This makes it well-funded enterprises will be sights on the globe. The current global economy is still in recovery, there are a lot of companies underestimate the value of high-quality, Chinese enterprises have greater appeal.
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Third, the RMB exchange rate will remain under pressure, overseas enterprises to strengthen quality assets is configured to resist risks. 8.11 exchange rate reform last year, the original intention is to enhance the degree of marketization of RMB exchange rate formation mechanism. But the sudden devaluation has caused a huge shock at home and abroad. To comfort level and stability of the RMB exchange rate volatility, the central bank had large-scale offshore and onshore foreign exchange intervention in the market. In a series of initiatives under the central bank, the RMB market is too pessimistic forecasts corrected. But unilateral appreciation of the RMB exchange rate is expected to have been broken, the enterprise forward for the RMB exchange rate movements are still some concerns. As the RMB will remain under pressure, led some companies to strengthen quality assets overseas configuration to resist risks.
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Fourth, foreign investment approval procedures decentralization, freeing enterprises overseas investment in energy. Before the end of 2014, Chinese overseas investment approval procedures related to more complicated, leading many companies to take the underpass to achieve overseas investment. April 2014, the National Development and Reform Commission issued the "foreign investment project approval and record management." In September, the Ministry of Commerce promulgated the newly revised "offshore investment management approach." So far, the record-based, supplemented by the approved management model can be established. Since June 2015, under foreign direct investment foreign exchange registration replaced by direct bank audit handle, but the implementation of the SAFE indirect supervision by bank direct investment foreign exchange registration. This series of foreign investment regulation in the field of decentralization, greatly enhancing the vitality of the market. Before passage through the gray out overseas investment, is beginning to emerge.
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There are concerns that Chinese enterprises overseas M & A substantial increase will not hide a considerable amount of private capital flight? We believe that currently do not have such worries. This determination is based on results, our previous quarter's top ten Chinese overseas acquisitions completed projects were investigated, which accounted for 95.8% of the total ten transactions completed in the first quarter of the amount found to have the following characteristics.
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First, the dominant state-owned enterprises. Top ten trading, state-owned enterprises in overseas mergers and acquisitions seven, the amount of mergers and acquisitions accounted for 76.2%. Among them, the local state-owned enterprises accounted for 48.6%, the central enterprises accounted for 27.6%. Assets of state-owned enterprises in overseas formation is still state-owned assets should remain under the supervision of the SASAC. If the state-owned assets overseas is the quality of the formation of strategic assets or significant resource assets, will help improve the global competitiveness of Chinese state-owned enterprises. In addition, the quality of state-owned assets overseas if they can get good absorption and conversion in the country to use, will help domestic economic restructuring and upgrading.
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Second, the state and industry distribution display large-scale overseas mergers and acquisitions did not appear abnormal flow. Apart Together (China Guangdong Nuclear Power Co., Ltd. acquired Mastika Lagenda) outside Malaysia, nine of the top ten transactions were from developed countries and offshore financial centers, including the Cayman Islands 3, the United States, Australia, 2 each from Germany, Switzerland 1 onwards. Cayman Islands 3 from the transaction completed by the state-owned enterprises,louboutin noir, including: the acquisition of the third largest, Hainan Airlines Group, the Bohai Sea lease to spend $ 2.66 billion acquisition of aircraft leasing company Avolon Holdings Ltd. 100% stake; the sixth-largest acquisition, Shanghai Jin Jiang International Hotels Development Limited to acquire Keystone Lodging Holdings Ltd. 81% stake, Keystone operating a number of high, medium and low-grade hotel with platinum Portofino, Li Feng hotel, 7 days a brand like; and the eighth-largest acquisition, Hainan Airlines for $ 500 million investment replace Jingdong, the way cattle become the largest shareholder.
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The third is a single-quarter surge in mergers and acquisitions do not alter the overall lower China's foreign direct investment stock of the fact that the low proportion of GDP. China's foreign direct investment started late, although China is already the world's third largest foreign direct investment in the country, but the proportion of total global stock of only 3.4%, not only lower than the United States of 24.4%, far below the United Kingdom, Germany, France, Japan and other developed economies. In addition, China's foreign direct investment accounted for the same proportion of GDP is low, not only lower than the world average, also lower than the average for developing countries. In 2014, the flow of China,woolrich outlet roma, developing countries (excluding China),new balance pas cher, foreign direct investment in the world and the developed countries the proportion of GDP was 1.15%,woolrich uomo, 2.23%, 1.85% and 2.24%; the stock, the proportion was 7.25 %, 25.79%,boutique louboutin, 32.93% and 43.75%.
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Fourth, enterprises in overseas mergers and acquisitions to optimize the structure, go out on the domestic economy is expected to play an important role in upgrading. In recent years, Chinese enterprises overseas mergers and acquisitions industry structure optimization. Any significant transfer of hot industry,adidas springblade sneakers, energy, mining, chemical industry increased from excess capacity into the Internet, the emerging field of information technology,Occhiali Da Sole, bio-medicine, as well as the financial industry and advanced manufacturing. In the previous quarter, the top ten of foreign mergers and acquisitions, the resource is not a type of investment. Overseas M & A has become the Chinese enterprises to go,?boire de la voir des photos, an important way for high-level participation in international division of labor,retrsuperture occhiali da sole, to enhance Chinese enterprises in the global value chain, serving domestic economic transformation and upgrading,louboutin homme, it plays an important role.
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With respect to concerns about a substantial increase in the rate of overseas mergers and acquisitions brought about by capital outflows, we believe that more should be concerned that the enterprises in overseas mergers and acquisitions in the process of corporate debt and the loss of state assets. To this end, the Government should encourage enterprises in overseas mergers and acquisitions to diversify financing, reduce dependence on domestic bank funds against highly leveraged mergers and acquisitions. At the same time, strengthen the regulation and supervision of state-owned enterprises' overseas investment projects.
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