中資資本在英打破併購詛咒
The theory of the “M&A curse” has it that the benefits of a deal generally go to the seller, while the buyer’s share price often slides after a deal is done.
按照“併購詛咒”理論，交易的好處通常會流向賣方，而在交易達成後，買方的股價往往會下滑。
However, a new study shows that in the case of Chinese companies acquiring UK counterparts, such hoodoo appears to be absent.
然而，一項新研究表明，在中國企業收購英國企業的案例中，似乎並不存在這類不幸。
“Most, or almost all, M&A deals show a significant share price decline (of the buyer) when the deals are announced,” said Scott Moeller, professor at Cass Business School in London. But, he added, Chinese companies acquiring firms in the UK generally see an uptick in their shares as deals are announced.
“多數、或者說幾乎所有的併購交易表明，當交易宣佈後，（買方）股價明顯下滑，”倫敦卡斯商學院(Cass Business School)教授斯科特.莫勒(Scott Moeller)稱。但是，他補充稱，在英國收購公司的中國企業往往會在交易宣佈後看到股價上漲。
“This demonstrates that the market positively evaluates the UK M&A activities by Chinese firms to obtain, for example, well-known brands, technologies and network channels,” according to a report jointly authored by Prof Moeller and Lin Zhu, also of the Cass Business School.
“這表明，市場積極評價中國企業爲了得到知名品牌、技術和網絡渠道等而在英國進行的併購活動，”莫勒和同在卡斯商學院的朱林（音譯）聯合撰寫的報告稱。
A sample of 44 Chinese-listed companies that bought UK companies between 2012 and 2016 showed the share price of the acquiring company 10 days before and after the deal announcement performed more strongly than overall market dynamics.
2012年至2016年期間收購英國企業的44家中國上市公司的樣本表明，在交易宣佈的前10天和後10天，收購方的股價表現跑贏大盤。
The findings identify one of the motivators behind rising M&A deal volumes in the UK, which hit a record high in the second quarter of this year with 16 deals announced, according to data compiled by Grisons Peak, an investment bank based in London.
該發現確定了英國收購交易增加背後的激勵因素之一。倫敦投行Grisons Peak彙集的數據表明，今年第二季度，英國收購交易以16筆交易創歷史新高。
A boom phase in announced Chinese acquisitions in the UK began in 2015 and has carried through into this year, notwithstanding concerns voiced by some Chinese entrepreneurs over the UK’s vote to leave the EU. It remains to be seen how many of the announced deals are carried to a successful conclusion.
中國在英國進行收購活動的繁榮期從2015年開始並延續至今年，儘管一些中國企業家表達了對英國投票退出歐盟(EU)的擔憂。尚不清楚有多少宣佈的交易最終成功完成。
Assessed by value, the priorities of Chinese acquirers become clear. Some 44 per cent of the value of deals announced have been in the property sector, followed by 28 per cent in the consumer sector, 8 per cent in financial services, 7 per cent in oil and gas and 5 per cent in healthcare, with the remainder split between industrials and technology, according to Grisons Peak data.
以價值評估，中國收購方的優先考慮變得清晰起來。據Grisons Peak數據顯示，宣佈的交易價值有44%左右在房地產領域，28%在消費者領域，8%在金融服務領域，7%在石油和天然氣，還有5%在醫療保健領域，剩下的在工業和科技領域。
The study by Prof Moeller and Lin Zhu shows that real estate acquirers experienced some of the most pronounced share price bounces among Chinese acquirers. Buyers of financial services firms, by contrast, tended to record a share price slide around the time of the deal announcement.
莫勒和朱林的研究表明，房地產收購方經歷了中國收購方中最明顯的股價反彈。相比之下，收購金融服務公司的買家在交易宣佈後往往會經歷股價下滑。
