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文章来源:网络    发布时间:2018-11-24  【字号:      】




Outlook for the M&A market is strong despite some executives looking to pause dealmaking, according to the 19th Global Capital Confidence Barometer (Barometer).


China key findings show that executives see upside in the global economy as nearly 90% of respondents predict an improving M&A deal environment.


The Barometer surveyed more than 2,600 senior executives from 45 countries and regions, including 174 from China. Respondents are from 14 industries with 1,567 CEO, CFO and other C-level executives.


The survey shows that regulation, trade and tariffs have fostered a deal hiat大发快三遗漏us for some.


However, given the momentum in the current M&A market, combined with the compelling rationale to transact, there is near unanimity that the deal environment will improve or remain stable over the next 12 months.


Stronger-than-anticipated earnings in the first half of 2018 have underpinned executives’ outlook for capital markets and improved valuations, with no expectation that this may change in the coming 12 months at a global level.


Stella Yuan, EY Transaction Advisory Services China Central Leader says, “75% of Chinese executives see the global economy as improving, 34% executives expect to actively pursue acquisitions in the short term, and 87% expect the global M&A market to improve.


Some companies are looking to other companies to do the dealing rather than doing it themselves. Given the large number of deals over the past year, many companies will be more focused on the integration of recently acquired assets over the next 12 months.


At the same time, companies are actively assessing their portfolios of existing businesses. This wil大发时时彩大小计划l likely result in new inventory of assets coming to the market in the next 12 to 24 months, and private equity is a likely buyer for many of these assets.”


Most respondents expect to maintain or increase the pipelines of opportunities and completion over the next 12 months.


Financial services, health care, telecommunications, real estate, hospitality and construction, oil and gas, industrials are the top six sectors with intention to make acquisitions.


Gateway to new markets (26%), acquiring talent (24%) and a secure supply chain (20%) are the main strategic drivers for pursuing acquisitions.


The top five investment destinations for Chinese companies are China, US, Singapore, Japan and Australia.


The survey notes that private equity will be a major influence in near-term dealmaking. Private capital is investing more in the medium and long term. It is also returning to the M&A market with significant purchasing power.


With record levels of dry powder, PE and other sources of private capital are expected to be major buyers in M&A over the near term.


Disruption, tech and shifting consumer preferences pose the greatest near-term risk to businesses. Heightened risks of disruption and increasing policy uncertainty are accelerating portfolio reviews.


With pressure from investors to maintain margins, companies are looking to redefine their portfolios. This focus on recycling capital through divestitures may likely underpin deal flow in the next 12 to 24 months.


Ignatius Tong, EY Strategy and Operations Advisory Services Asia-Pacific Leader, says, “While not capturing as many headlines as trade and tariff policy, disruptive forces, especially technology, remain at the heart of the known risks.


The pace of change wrought by technolog大发时时彩遗漏y, especially the technology that enables customers to adapt preferences or buying behaviors, cannot be underestimated.


As customer pressure compels companies to operate outside traditional sector boundaries, M&A may be the fastest route for companies to respond to these challenges.”


The survey found that the identification and realization of synergies are at the heart of M&A value creation.


Executives are signaling that they are preparing for post-deal integration earlier in the deal life cycle. But nearly half (49%) of respondents failed to meet their synergy targets on their most recent deal.


A cautionary insight: half of respondents who did not plan to change their synergy strategy on future deals underachieved their targets on their most recent transaction.



“Acquiring companies will capture synergies effectively only if they map them out upfront and assign accountability for monitoring their progress. Reducing duplication and maximizing efficiencies, together with the potential boost from technology, are driving synergy strategies.”says Stella Yuan.


来源 / 经济日报记者陈颐、朱琳

编辑 / 胡达闻



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