中國對外投資面對內外挑戰

After recording double-digit rates of growth over the past few years, Chinese outbound mergers and acquisitions have been grabbing headlines around the world. However this remarkable trend faces a twofold challenge. First, US, German and Australian regulators, among others, are paying increased attention to Chinese investments. At the same time, the Chinese government has started to scrutinise outbound investment projects more closely, and has even reinstalled the approval process that was abolished in April 2014.

在過去幾年接連錄得兩位數增速後，中國對外併購成爲世界各地的頭條新聞。然而，這種引人注目的趨勢面臨雙重挑戰。首先，美國、德國、澳大利亞等國家的監管機構日益關注中國投資。與此同時，中國政府開始更加密切地審查對外投資項目，甚至恢復了2014年4月廢除的審批程序。

The new regulatory restrictions in China are being imposed partly to manage the high risks that Chinese investors are taking. For state-owned companies, the mere fact that they are investing in foreign countries can help their leaders secure promotion within the Chinese government apparatus. For private entrepreneurs, outbound M&A can be a way to diversify an investment portfolio or to transfer wealth abroad.

中國出臺新的監管限制，在一定程度上是爲了管理中國投資者正在承擔的較高風險。對國有企業來說，在外國進行投資本身就有助於其領導者在中國政府體制內部獲得提拔。對私人企業家來說，對外併購可以是多元化投資或者向海外轉移財富的方式。

The other main reason for the new restrictions in China is to prevent further depreciation of the renminbi. With capital outflows increasing, the Chinese government has begun to tighten foreign currency controls on outbound investments to stabilise the exchange rate, although the authorities have taken a soft approach towards implementing this restriction, to minimise the shock for Chinese citizens.

中國推出新的限制措施的另一個主要原因是阻止人民幣進一步貶值。隨着資本外流加劇，中國政府開始收緊針對境外投資的外匯管制以穩定人民幣匯率，儘管有關部門採取表面上溫和的方式執行這方面的限制措施，以儘可能減少對中國居民的衝擊。

The anti-corruption campaign against Chinese bureaucrats has occasionally uncovered bribes paid by Chinese entrepreneurs. In the past, corruption was typically a part of doing business. To escape from possible prosecution or confiscation of their wealth, individuals used various ways to transfer assets abroad and one of the quickest was an M&A transaction. As a result, the Chinese government started looking into the exodus of capital.

針對中國官員的反腐敗鬥爭時常會發現中國企業家曾有向官員行賄的行爲。過去，賄賂往往是做生意的一部分。爲了逃避可能的公訴或財富沒收，人們想方設法向海外轉移資產，其中最快的途徑之一就是併購交易。其結果是，中國政府開始調查資本外流。

At the same time, growing Chinese investment has provoked a public outcry in certain countries and this has led to a review by regulatory authorities. A series of Chinese investments in the US have been scrutinised for security concerns by the Committee on Foreign Investment in the United States (Cfius), which examines potential national security risks from M&A deals.

與此同時，中國投資日益增多在某些國家引發公衆不滿，導致監管部門展開調查。在美國，負責評估併購協議潛在國家安全風險的美國外國投資委員會(CFIUS)，從安全角度從嚴審查了中國在美國的一系列投資。

The exponential growth of Chinese investments, and the apparent increase in hidden government support for those companies, have led to a rise in protectionism, a trend exemplified by Germany withdrawing approval for a Chinese company to acquire a chipmaker, Aixtron.

中國投資的指數式增長，以及政府顯然加大對走出國門的中資公司的隱性支持，已導致保護主義情緒上升，德國撤回對中資企業收購芯片設備製造商愛思強(Aixtron)的批准就表明了這種趨勢。

Chinese investments are still taking place in industries including semiconductors and other high-tech or sensitive sectors. Such acquisitions inevitably invite a high degree of vigilance, especially when these deals are undertaken by Chinese state-owned enterprises.

中國投資仍發生在半導體和其他高科技或敏感行業。此類收購難免招來高度警惕，尤其是當這些交易是由中國國企發起的時候。

The Australian government last year banned the State Grid Corporation of China from acquiring a controlling stake in the country’s biggest electricity distribution network. Such negative sentiment is set to grow stronger: the Chinese government has a plan to maximise the market share that Chinese state-owned companies enjoy within the domestic market to the detriment of Chinese private companies.

澳大利亞政府去年禁止中國國家電網公司(State Grid Corporation of China)收購該國最大電網的控股權。此類負面情緒只會越來越強烈：中國政府有一個讓國企在國內市場享有最大化市場份額的計劃，這對中國私營企業不利。

Chinese companies will continue to seek cross-border deals in order to quickly obtain market share, technical expertise and marketing channels, with the objective of becoming global players. However, concerns in industrialised countries about Chinese investment, combined with the ever-tightening Chinese government control over the outflow of capital, will serve as an important brake on such investment.

中資企業將繼續物色跨境交易以迅速獲得市場份額、技術專長和營銷渠道，目標是成爲全球企業。然而，工業化國家對中國投資的擔憂，加上中國政府日益收緊的對資本外流的管制，將對此類投資起到重要的遏制作用。

The number and the amount of Chinese outbound M&A will significantly reduce in 2017. For deals in the pipeline, meanwhile, contracting parties are well advised to be prepared for a range of political, financial and legal risks.

中國對外併購的數量和規模將在2017年大幅縮減。與此同時，對於在談尚未完全交割的交易，交易各方最好準備應對一系列政治、金融和法律方面的風險。