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uu快三规律:Bilingual·Foreign Business|企业并购是继

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

大家好!“外企头条”栏目又跟大家见面了,我们今天推出安永发布的第19期《全球资本信心晴雨表》。

请看详细报道↓↓↓

安永近期发布的第19期《全球资本信心晴雨表》(简称《晴雨表》)指出,全球部分企业短期内并购意愿下降,但企业家对并购市场展望仍然十分积极。

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

中国部分调查结果显示,企业家对全球经济增长乐观,近9成受访者预期兼并和收购(简称并购)交易环境将有所改善。

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

此次《晴雨表》调查了来自45个国家和地区的2,600多名高管,其中有174名来自中国。受访企业涵盖14个行业领域,有1,567名受访高管担任首席执行官或首席财务官或其他高级管理职位。

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.

调查显示,受监管、贸易和关税影响,全球部分高管暂缓交易活动。

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

但基于目前并购市场的发展势头,以及实施交易的强大动因,受访者几乎一致认为,交易环境将在未来12个月改善或保持稳定。

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.

2018年上半年全球企业盈利水平高于预期,使高管对于资本市场前景和估值改善的观点更有信心,并且预计在未来数月全球形势不会出现大的动荡。

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.

安永交易咨询服务华中区主管合伙人袁皈泰表示:“在中国受访者中,75%认为未来全球经济将呈现增长趋势,34%表示短期内将积极寻求收购机会,而87%预计全球并购活动将更为活跃。

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.

对于并购市场增长的期望和自身并购意愿下降的矛盾体现了这仅仅是短期的调整。考虑到过去一年交易宗数较多,许多企业将在未来12个月更多地关注整合近期收购的资产。

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.

同时,企业也在积极评估其现有的投资组合。这很可能促使新的一批资产在未来12-14个月进入市场,私募基金有望买入其中大量资产。”

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.”

大多数中国受访者预计未来12个月的交易机会储备和完成率将持平或提高。

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

金融服务、医疗、电信、房地产酒店和建造、石油和天然气、工业等六大领域最有可能成为中国企业并购热门行业。

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

而进入新的地理市场(26%)、吸引人才(24%)以及保障供应链(20%)则成为了促使中国受访者开展并购的前三大驱动因素。

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

中国企业并购的前五大投资目的地依次是中国、美国、新加坡、日本和澳大利亚。

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

调查指出,私募基金成为近期并购交易的一个主要影响因素。私人资本越来越多地用于中长期投资,以强大的购买力重回并购市场。

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.

可投资本达到历史最高水平,私募基金及其他私人资本预计将成为近期并购市场的主要买家。

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.

颠覆、科技和客户偏好转变是企业近期面临的最大风险。颠覆风险加剧和政策不确定性加速投资组合审核频率。

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.

鉴于来自投资者对保持利润的压力,公司正在寻求重新定义其投资组合。通过资产剥离回收资金可能会增加未来12-24个月的并购交易流量。

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.

安永战略及运营咨询服务亚太区主管合伙人唐亦檬表示:“尽管贸易和关税政策吸引了更多的关注,以科技颠覆为代表的颠覆力量仍是主要的已知风险。

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.

科技引发的变革,尤其是让消费者改变偏好或购买行为的变革速度不可低估。

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.

消费者方面的压力驱使企业突破传统行业边界,并购可能是企业应对这些挑战的最快途径。”

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.”

调查发现,识别及实现协同效应成为并购价值创造的核心。

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

与以往相比,高管在并购周期的更早阶段便开始准备交易后的整合,但近半数受访者在其最近交易中未能实现协同效应目标。

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.

值得警惕的是,半数未计划改变未来并购协同战略的受访者在最近的交易中未达到设定的目标。

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.

袁皈泰表示:“只有当企业提前进行规划并且安排好并购过程的责任落实后,并购才能有效地实现协同效应。

减少重复、提高效率以及充分利用技术的潜在动力,是驱动协同战略重要途径。”

“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.

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来源 / 经济日报记者陈颐、朱琳

编辑 / 胡达闻




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