泛亚电竞

顾宏地: 多样化融资渠道助力中企出海并购

发布:泛亚电竞_泛亚电竞app怎么下载-官网APP下载 2015-06-08 15:08 来源:泛亚电竞_泛亚电竞app怎么下载-官网APP下载 《中国外汇》2016年第12期 作者:王亚亚
摩根大通亚太区并购部联席主管顾宏地在接受专访时表示,出海企业要提高对汇率风险的关注。

2016nianyijiduzhongguokuajingbinggoushuaxinlishi,genjushangwubudeshuju,2016nianyijiduzhongguoqiyehaiwaibinggouxiangmugongji142ge,jiaoyijinedadaole165.6yimeiyuan,zhan2015nianquanniande41%。

mogendatongyataiqubinggoubulianxizhuguanguhongdizaijieshoujiangyu2016nian6yue15richubande《zhongguowaihui》zhuanfangshibiaoshi,2016nianzhongguoqiyechuhaibinggouchengjiasufazhandetaishi,zhongqidechuhaibinggouyichengweiquanqiukuajingshichangzuizhuyaocanyufangzhiyi;zaizheigeguochengzhong,zhongqihaiwaibinggourongziduoyanghuaqushixianzhuzengqiang,baokuozhaiwu、guquanrongzidenggezhongfangshidouyijingchuxian。

泛亚电竞 buguo,guhongditongshibiaoshi,chuhaiqiyeyaotigaoduihuilvfengxiandeguanzhu,“xianzaiyouxieqiyezaizuobinggoufanganshihuikaolvhuilvbodongyinsu,dandabufenqiyehuijuedechengbenbijiaogaohuozhebijiaofuza,duihuilvfengxianrengranmeiyouzugouzhongshi”。

 

C=《中国外汇》

G=摩根大通亚太区并购部联席主管 顾宏地

C: 顾总,2016年一季度中国跨境并购刷新历史。在当前的环境下,您认为企业跨境并购交易非常活跃的主要原因有哪些?

泛亚电竞 g: diyi,conghongguancengmianjiang,zhongguojingjidezengzhangjinqiyousuofanghuan,duiwaibinggouchengweicujinzhongguojingjizengzhangdeyigezhongyaoshouduan,zheishiyigebijiaozhijiedeyuanyin;dier,haiwaibinggoushizhongguoqiyefazhandaoyidingjieduandebiranjieguo。dangqiyefazhandaoyidingjieduan,jinjinyikaoguoneidejishuheshichangjiangnanyimanzuzishenfazhanxuqiu,erchongfenliyongquanqiuhuaziyuanhequanqiuhuashichangshizhongguoqiyefazhandaoyidingjieduandebiranxuanze;disan,congrongzihuanjinglaikan,guoquyiduanshijian,quanqiufanweineizhengtirongzihuanjingdouxiangduibijiaokuansong,qiyeduiwaibinggouzijindelaiyuanduoyuanhuaqushiriyixianzhu,chuleyinxingdaikuan、zhaiquanshichangrongzi,guoneihaichuxianleguquanzijinzhichi,baokuoyixiesimujijin、xianzishenzhixintuozijindouzaijiadaliduxiezhuzhongguoqiyehaiwaibinggou;disi,congbiaodeguzhijiaodueryan,muqianguowaiheguoneicunzaiguzhichayi,guoneishichangbiaodeguzhijiaogao,yixieqiyecongguzhichayidejiaoduyehuixunzhaohaiwaibinggoudejihui。zongheeryan,zhongguoqiyehaiwaibinggouzhisuoyirucihuobaoshiduozhongyinsudiejiatuidongdejieguo,erfeidanyiyinsu。

C: 您提到的企业融资环境相对比较宽松使得企业并购资金来源更便利或者渠道更丰富,这也是推动海外并购一个比较重要的因素,您理解的企业融资环境宽松具体是指哪些方面?

泛亚电竞 g: qiyerongzilaiyuandeduoyanghuashizuixindebianhua。jiuzhaiwurongzieryan,shouxianshiguoneiyinxingdezhichi,youqishizaizhengcexingbijiaozhichidexingye,biruzaibandaotixingye,guoneiyinxingzhengcexingzhichidedaoxiangbijiaomingxian;qici,muqianbijiaoliuxingdeyizhongrongzifangshishiliyonghaiwaimubiaogongsixianjinliudezhichiyihuodedangdiyinxingxindaizhichi。ru2015nianmogendatongxiezhuwanchengdezhongguohuagongjituanshougouyidaliluntaizhizaogongsibeinailidejiaoyi,gaijiaoyidezijinjiushiyongmubiaoqiyexianjinliuzuodiyazaidangdishichangjinxingdezhaiwurongzi,zheishimuqianjiaochangyongdezhaiwurongzishouduan;ciwai,ruguobiaodezichanzaimeiguo,meiguoshichanghaikeyicaiyongterm loan bdezhaiwurongzifangan,xianzaiyijingyouzhongguoqiyekaishizixuncileirongzifangshi。

zaiguquanrongzifangmian,xianzaiyouhenduosimujijin、baoxianzijinshenzhixintuochanpin、binggoujijindengdoushifenhuoyuediweibinggoutigongguquanrongzi,zheixieduiyuqiyedechuhaibinggoudouyoucujinzuoyong。

C: 各种类型的基金都参与到跨境并购中,主要是基于哪些原因?

泛亚电竞 g: jijincanyuzhongziqiyechuhaibinggouyizhidouyou,tebiezaizhongguogongsihaiwaibinggoudechuqijieduan,bufajijincanyudeshenying。guoqujijincanyubinggouzhuyaoshiweiqiyecaiwuhehaiwaiduijietigongzhichi,birushuanghuishougousmithfielddejiaoyi,dinghuitouzishendujieru;zhonglianzhongkeshougouyidaliqiyecifa,hongyizibencanyuqizhong;danxianzaigelujijincanyuhaiwaibinggou,tupoleyuanlaizhichidelingyu,gengduodicongzijinfangmiantigongzhichi,tebieshishejiyixieagushangshigongsi,henduoguoneijijinduiagushangshigongsijinxingtouzi,zhichiqicanyuhaiwaibinggou。zheigequshizaizuijin12geyuefeichangxianzhu。

dangranzheiyudangqianguoneisimujijinzhongduoyeyoumiqielianxi,muqiangelujijinfeichangfengfu,youzhengfuzhichidejijin,yeyougebiexingyedezhuanxiangjijin,shenzhiyouxiedifanghaiyouzijidepingtaijijin,haiyoudadaxiaoxiaodeshichangxingsimujijin、xianzijiyixiebijiaoxiansandelicaichanpincanyushelidejijin,zheixiezijinduiqiyecanyuhaiwaibinggoutigongledalidudezhichi。

dantongshizheixiexiansanzijinjinrubinggourongzijiaoyiyekenenghuidaozhiyidingdewenti,yinweizheixietouzipubianshichuyucaiwutouzidejiaodu,erqiyedebinggougengduoshicongzhangqizhanlvedejiaoduchufa,zheilikenengjiuhuicunzaiyidingdeqixiancuopei。

C: 2016年以来,摩根大通并购部参与了很多知名的海外并购项目,您觉得今年小半年的业务工作跟以往相比,有哪些新的体会和业务亮点?

g: diyi,xianzaizhongguoqiyedanbichuhaibinggouguimodoufeichangda,yibandouzaishiyimeiyuanzuoyouhuozheyishang,zheigegenguoqubishiyigehendadebianhua。guimojiaodabiaomingbinggoubiaodeyewuxiangduibijiaofuza,shichangdiweibijiaogao,ziranerranzaihaiwaiyinqideguanzhuyehuigenggao,zheijiuxuyaozhongguomaifangduikenengchuxiandefanlongduanhuozheyixiebiaodeguozhengfudetouzishenpizuohaozhunbei,zheiyeshizuijinzaibinggouguochengdangbinggoushuangfanggengweiguanzhudeshixiang。

dier,zuoweicaiwuguwen,zaiguoquzheiduanshijiandeyigeshenketihuishi,zhongguogongsihaiwaibinggoudechengshuduzhengzaibuduantigao。yifangmiantixianzaiqiyeduiyuruheliyongzhuanyejigoubangzhutamenjiejuebijiaofuzadedangdifaguihejianguantiaozhanyuelaiyuechengshu;lingyifangmian,gengjiaguojihuaheduoyanghuaderongzifangshiyijingzaizhongguomaifangqiyezhongzhujianpujiqilai,erfeijinxianyujijiabijiaoyoushilidedaxingqiye。zhongguoqiyezaizheigelingyudezhuanyehuaheshichanghuafazhanshifanyadianjingkandaodelingwaiyidaguanjianjinbu。

泛亚电竞 disan,zhongguoqiyehaiwaibinggouyijingjinrulequanmiankaihuadejieduan。guoquhenzhangyiduanshijian,zhongguohaiwaibinggoudeqiyejizhongzaiziyuanhekuangchanxingye,zhihoushifangdichan,danxianzaikeyikandaocanyuhaiwaibinggoudeqiyeyijingbianjigexinggeye,baokuogaokeji、hulianwang、bandaoti、jiagongzhizaoye、fangdichan、jinrongjigou、fangzhixingye、jiankangxingyedengdeng,zheishuomingciciduiwaibinggougaochaodechuxianshijingjifazhandaoyidingjieduandezhengtixuqiu,erfeigebiexingyexingwei;erqiecongshougouzhutidesuoyouzhixingshilaikanyeshiduozhongduoyang,baokuoguoqi、feiguoqi,youagushangshigongsi、ganggushangshigongsi、siyingqiyedengdeng。

C: 在当前的市场环境下,企业并购资金来源非常丰富,企业如何确定收购资金的构成比例,如何评估资金的风险?

g: quedingshougouzijindegouchengbili,shizhaiwurongziweizhuhaishiguquanrongziweizhu,guanjianhaishiyaopanduanxiangmudefengxian,yaoyucebinggoudebiaogongsizishensuonengdailaiderongziguimo。zheiyaokaolvjigeyinsu: yishiyaokanshougoudebiaodexianjinliubiaoxianruhe,ruguoyouhenqiangdexianjinliu,rongzidejilvyijikenengrongdaodezijinguimojiuhuibijiaoda;ershigenjubiaodegongsisuozaidexingyeyijigaigongsifengxiandujinxingxianjinliuceping,jiuxiangpingjiyiyang,ruguozheigegongsizhilianghenhao,qiexianjinliuxiangduibijiaowending,yinxingkenenghuijiejitagengdaguimodezijin;sanshiyaogenjumubiaogongsizhaiwuchengshounenglilaipanduantanenggouzaimubiaogongsicengmianderongziguimo,erzheiyeshigenjubiaodegongsibenshenguzhilaikaolvde。

C: 目前,中资企业对于海外并购的资产回报率是如何计算的?对于并购整合的难度他们是如何考虑的?

g: mogendatongcengzai2015nian7yuedao10yueduiyazhoubinggoulingyuneidelingjunqiyejinxingleyiciguangfanershenrudediaoyan。diaoyanxianshi,yazhougongsizaijiaoyipinggushihuiyi10%-15%deyushehuibaolvzuoweibijiaodejizhun。zhidezhuyideshi,zaijieshoudiaoyandebinggoushoufangzhezhong,23%derenbiaoshitamengenbenbushiyongyushehuibaolv。yazhouqiyejiaodideyushehuibaolvdediaoyanjieguoyudealogictigongdeshujuyizhi,dealogic shujuxianshi2005 nian—2015 niandeshinianjian,duiouzhou、zhongdong、feizhoubiaodegongsijinxingshougoudeyazhouqiyewangwangyaobifeiyazhoushougouqiyezhifugenggaodejiaoyiyijia,leisiqingkuangyehuifashengzaiguoneibinggoujiaoyidangzhong。yazhoumaifangqiyezaixungoumeizhouqiyeshiyecunzaileisideqingkuang。yataiquqiyejuyougaoduzhanlvexing,tamennaixindengdaishiji、mubiaomingque,erqieyuanyiweiheshidejiaoyizhifuyijia。

C: 考虑当前的资金环境以及波动的汇率市场,出海并购的企业是如何把握和对冲汇率风险?

g: zijinfengxianyifangmianshihuilv,lingyifangmianshililv,shenzhiyebaokuoshuilv,yaoguibizheixiefengxian,shougouqiyexuyaozaizhenggebinggouzhiqianduizheixiefangmianzuochuanpai,birujiangqizhengtifangzhidaojingzhidiaochahuozhebinggoufangandangzhong。

泛亚电竞 shuilvfengxiankeyitongguoshuiwuguwendebangzhutiqianshixianchouhua,ruguoshuilvdengwentichulibuhao,duizhenggejiaoyidejiazhiyehuiyingxianghenda,danshuilvdekeyuqixingbijiaoqiang,zhiyaozhunbeigongzuochongfen,shuilvfengxiankeyijiaohaojiejue;lilvfangmianzexuyaokaolvrongzijiegou,bingtongguoyidingdechanpinjiegoubalilvdiaozhengchenggudinghuozhefudonglilv,zheixiejunxuyaogongsijinxingpanduan。lilvdebianhuaxiangduihuilveryanyebijiaohuanman,qiejuyoujiaoqiangdeyuqixing。suoyizhengtikan,huilvguanlidetiaozhanduiqiyeeryanxiangduijiaoda。

泛亚电竞 guanyuhuilvfengxian,qiyekeyiyongyixieshichangshouduanjinxingduichong。dangranruguobenshendebinggouzijinlaiyuanyuguowai,yinweishouruhefuzhaidoushimeiyuan,jiubucunzaibizhongcuopeifengxian;danruguozaijingneijinxingrenminbirongzi,shijizhifudezijinshiwaibi,cishijiuxuyaokaolvhuilvbodongdailaidefengxian,yinweizhenggejiaoyixuyaoyidingshijianlaiwancheng,suoyixuyaozaishichangshangcaiyongxiangyingdefangshijinxingduichong,birugoumaidiaoqichanpindengdeng。xianzaiyouxieqiyezaizuobinggoufanganshihuikaolvhuilvbodongyinsu,dandabufenqiyehuijuedechengbenbijiaogaohuozhebijiaofuza,duihuilvfengxianrengranmeiyouzugouzhongshi。congguowaijingyanlaikan,dabufenbijiaochengshudeqiyedoufeichangzhongshihuilvfengxian,bingjiangqinaruzhengtishougouchengbenjinxingjisuan。duichonghesuodinghuilvfengxianduiyukuajingbinggoufeichangzhongyao。huilvwendinghaihao,danyidanchuxiandafubodong,shougouchengbenzengjia10%-20%dekenengxingdoucunzai,shenzhiyoukenengyincidaozhijiaoyibuchenggong。

泛亚电竞_泛亚电竞app怎么下载-官网APP下载1

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