中國民企海外併購佔比上升
The rise of private outbound investment from China is rewriting the rules for bankers who now find they must seek business from a new class of entrepreneurs in addition to working with state-owned groups.
中國民營部門境外投資增長正在改寫銀行人士的規則。如今銀行家們發現，除了與國有企業合作外，他們必須爭取新一類企業家的業務。
China’s private sector has completed about $60bn in outbound mergers and acquisitions and other direct investment such as project finance this year.
今年迄今，中國私營部門完成約600億美元的境外併購以及項目融資等其他直接投資。
Private deals are now neck and neck with transactions completed by state-owned enterprises, according to a Financial Times analysis of data from the China Global Investment Tracker compiled by US think-tank American Enterprise Institute.
英國《金融時報》對美國智庫美國企業研究所(American Enterprise Institute)編制的《中國全球投資跟蹤器》(China Global Investment Tracker)的數據分析顯示，如今，私營部門交易規模與國有企業完成的交易規模不相上下。
In 2015, Chinese private companies pushed through just $51bn in outbound investment to the state’s $157bn.
2015年，中國民營企業僅完成了510億美元的境外投資，遠低於國企的1570億美元境外投資。
Behind the shift are hundreds of mid-tier private groups that have bought foreign assets or have at least tried.
這一變化的背後是數百家購買海外資產或至少嘗試購買海外資產的中型民營集團。
Many are making their first acquisition abroad and are unknown to investment bankers even in China, let alone in Hong Kong.
很多企業正在進行首筆海外收購交易，即使是中國的投行人士也不瞭解它們，更不用提香港的投行人士了。
So bankers have had to come up with an new strategy for winning business from a legion of new midsize buyers One senior Hong Kong-based banker referred to his method as carpet bombing, which in practice has meant increasing the number of bankers on the ground to pitch deals to as many corporations as possible.
因此，銀行家們不得不想出從一批新的中型買家手中贏得業務的新策略。一名香港的銀行高管稱，其方法爲地毯式轟炸，這在實踐中意味着增加在第一線工作的銀行員工數量，向儘可能多的企業兜售交易。
Bankers say they also have to look more carefully at whether their new Chinese clients have the financing and experience to get the deal done.
銀行人士稱，他們還不得不更謹慎地考察新的中國客戶是否擁有做成交易所需的資金和經驗。
The client base has expanded with the emergence of many first-time buyers who are outside of the traditional banking coverage universe, said Colin Banfield, joint head of global cross-border M&A at Citi. This creates some challenges when assessing whether they are capable of getting to the finish line on a complex cross-border deal.
客戶羣擴大，出現了很多傳統銀行覆蓋範圍以外的首次買家，花旗(Citi)全球跨境併購部的聯席主管彭高年(Colin Banfield)稱，這對於評估他們是否有能力完成複雜的跨境交易帶來了一些挑戰。
Private companies tend to be more nimble and more flexible, said James Tan, co-head of M&A in Asia-Pacific at Morgan Stanley. With state firms, many decisions have to be made on a consensus-driven basis.
民營企業往往更靈活、更有彈性，摩根士丹利(Morgan Stanley)亞太併購部聯席主管James Tan表示，在國企，很多決定不得不在共識驅動的基礎上做出。
The Chinese private sector is getting larger, as a share of the economy, and private firms on average have quite high returns on equity and hence an increasing amount free of cash flow, said Arthur Kroeber, managing director at Gavekal Dragonomics.
中國私營部門在經濟中的佔比越來越大，民營企業平均擁有相當高的股本回報率，因而擁有越來越大的自由現金流，龍洲經訊(Gavekal Dragonomics)的董事總經理葛藝豪(Arthur Kroeber)表示。
So I think the trend of the private sector gradually taking a larger and larger share of [outward direct investment] flows will continue more or less indefinitely.
因此我認爲私營部門（在境外直接投資）流動中的佔比逐漸越來越大的趨勢將繼續，基本上將是無限期的。
