国企再度引领中国对外投资
国有企业在2017年再度成为中国海外并购交易的引领者，此前当局出手打压私营企业一连串雄心勃勃的境外投资。
State-owned enterprises and funds announced $28.7bn in cross-border acquisitions in the first half of the year, greater than the $26.6bn in deals struck by private enterprise, according to an analysis from PwC and data from Thomson Reuters.
根据普华永道(PwC)的分析和汤森路透(Thomson Reuters)的数据，今年上半年，国有企业和国有基金宣布的跨境收购交易总额达到287亿美元，高于私营企业的266亿美元。
China Investment Corporation’s $13.8bn buyout of UK-based Logicor, one of China’s biggest deals of the year, is included in the tally of state deals.
国有企业的海外收购交易包括中国投资公司(CIC)以138亿美元收购总部位于英国的Logicor，这是今年迄今中国最大的海外并购交易。
The period marks the first time in a year and a half that the value of government-backed deals has surpassed private ones. Compared with the second half of last year, state deals have increased by 86 per cent while private transactions have tumbled by 40 per cent.
今年上半年是一年半以来政府背景的海外并购交易总额首次超过私营企业对外投资。与去年下半年相比，国有企业的海外并购交易总额提高了86%，而私营企业的交易总额下降了40%。
“We have the channels to communicate with the regulators,” said a director at a state-backed investment company on why fewer private and more state deals are getting done this year. “The government wants to make investments into tangible assets and state companies will better follow these guidelines.”
“我们有与监管机构沟通的渠道，”一家国有投资公司的主管在谈及为何今年私营企业达成的交易更少，而国有企业达成的交易更多时说，“政府希望对有形资产进行投资，而国有企业更好地遵守了这些指导方针。”
Until recently state investors alone fuelled China’s rise as a buyer of global assets. State-backed names such as Cnooc and Aluminum Corporation of China — with the guidance of regulators in Beijing — set the tone for how the country would deploy its foreign exchange reserves overseas.
直到近期之前，国企投资者独力推动了中国作为全球资产买家的崛起。中海油(CNOOC)和中国铝业(Aluminum Corporation of China)——依照中国监管机构的指引——定下了中国将如何在境外部署外汇储备的基调。
But starting in the second half of 2015, following a loosening of regulation, private enterprise quickly became the face of Chinese global dealmaking. Companies such as HNA Group and Tencent Holdings took the mantle as the country’s most prominent acquirers.
但从2015年下半年开始，随着监管的放松，私营企业迅速成为了中国全球并购交易的面孔。海航集团(HNA Group)和腾讯控股(Tencent Holdings)成了中国最知名的收购者。
Even at the height of state buying power in the first half of 2016 — when ChemChina agreed to buy Switzerland’s Syngenta for $44bn — deals such as the one Tencent inked for Finnish group Supercell for $8.6bn made the private sector the most powerful force in cross-border transactions.
即使是在2016年上半年国有企业购买力达到最顶峰的时候——中国化工(ChemChina)(见题图)同意以440亿美元收购瑞士先正达(Syngenta)，腾讯敲定86亿美元收购芬兰公司Supercell等交易也使私营部门成为跨境交易方面最强大的一股力量。
Particularly frustrating for Beijing was a wave of bizarre acquisitions in which small resources groups bought video game developers and Hollywood studios.
对政府而言，尤为令人沮丧的是一波奇奇怪怪的收购——规模并不大的自然资源公司纷纷收购视频游戏开发公司和好莱坞制片公司。
All of that came crashing down at the end of last year when regulators became concerned that Chinese companies were using overseas acquisitions to move capital offshore.
这一切在去年底遭到打压，当时监管机构开始担心中国企业正利用海外并购将资本转移到境外。
China’s banking watchdog launched probes into the debt accumulated at companies such as HNA Group, Dalian Wanda, Fosun International and Anbang Insurance, and the systemic risk these borrowers pose to the country’s banking sector.
中国的银行业监管机构对海航、大连万达(Dalian Wanda)、复星国际(Fosun International)和安邦保险(Anbang Insurance)的债务状况，以及这些借款人给中国银行业带来的系统性风险展开了调查。
The companies have sharply cut back on their dealmaking and the chairman of Anbang has been detained by authorities, with his whereabouts unknown.
随后这些公司大幅削减交易，安邦的董事长被当局带走，至今下落不明。
The crackdown has prompted state banks to halt financing for private deals this year.
这次打压促使国有银行暂停为私有企业的海外交易提供融资。
“Only state companies, and only the bigger names,” a senior executive at a Chinese bank in Hong Kong said of the clients to which the bank is willing to provide overseas funding. “We don’t go with the regional or even provincial [state] names . . . It’s not just about getting completion. Even after completion, there are still investigations into deals.”
“只能是国有企业，而且只能是比较知名的企业，”香港一家中资银行的高管在谈及银行愿意为哪些客户提供海外交易资金时说，“我们不跟地区性企业，甚至省级(国有)企业合作……问题不仅在于交易能否完成。就算交易完成，依然会有针对交易的调查。”
The effects on individual private groups have been observable. A state bank earlier this year pulled its funding for property conglomerate Zhonghong Zhuoye Group’s bid for New York-listed Brookdale Senior Living after revising its risk profile on the company.
这对个别私营企业造成了显著影响。今年早些时候，一家国有银行撤回了对中弘卓业集团(Zhonghong Zhuoye Group)竞购纽约上市公司Brookdale Senior Living的贷款，此前该行修改了其对中弘卓业的风险状况评估。
The move has erased up to $4bn from the private dealmaking count in what would have been one of the year’s biggest private takeovers.
此举使这笔40亿美元的私营企业交易泡汤，原本这笔交易有望成为今年最大的私营企业收购交易之一。
