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中企八年海外并购总额超4.6万亿,国有企业唱主角

2017-07-06 10:21:59   经济参考报

监管 央地细化对国企境外投资管理

海外并购是一项高风险行业,中国企业的海外并购并非坦途。以紫光股份为例,该公司拟以37.75亿美元收购全球硬盘市场占有率排名第一的西部数据15%股份。去年,在确定CFIUS(美国外国投资委员会)将介入审查后,紫光股份放弃了这一收购。数据显示,2016年,中国海外并购被取消的交易金额高达750多亿美元,超过2015年的100亿美元,其中有30多起海外并购因他国监管等原因终止。

除了监管因素外,中国企业特别是国有企业的海外并购,还面临后期能否成功整合、非理性收购、能否适应各国文化差异等一系列风险。这些年来,中国企业海外并购失败案例不在少数,不少企业甚至是国有企业,在海外并购上都已经付了不少“学费”。不过,随着企业“出海”的经验越来越丰富,以及监管部门对包括国有企业海外并购监管的完善,中国国企的海外并购正走上理性和成熟的道路。

2016年底以来,监管层正加大对中国企业海外并购的监管力度,国资委对央企进行海外并购的风控及投资效率提出新的要求。今年1月18日,国资委公布了新修订的《中央企业投资监督管理办法》和《中央企业境外投资监督管理办法》,建立中央企业境内外投资的负面清单,更加强调境外风险防控,明确规定中央企业境外投资必须符合企业发展战略和国际化经营规划,坚持聚焦主业,原则上不得在境外从事非主业投资。中国企业研究院执行院长李锦认为,管资本重点是管投资,上述规定有利于形成投资主体,增强综合实力,使得央企在“一带一路”建设和“走出去”过程中有秩序、讲效益,防止低层次恶性竞争的出现。

地方层面,上海市国资委日前下发《关于加强本市国有企业境外投资管理的通知》,强调国资监管机构将会同行业主管部门,针对企业自身发展和境外投资经营的实际情况,建立健全境外投资管理基本制度,强化公司治理。通知强调,企业要积极参与“一带一路”建设和国际产能合作,突出技术、品牌、市场,推动价值链从低端向中高端延伸,做强做优做大实体经济。

转变 借力并购深度结构调整

在监管深化、细化的同时,中国国企“走出去”的思路也正在转变,从原先的单纯扩大生产规模到如今的产业结构调整和兼并重组。在全球制造业的价值产业链上,越来越多的国有企业正在通过海外并购来获取新技术与新市场,并向附加值高的产业发展。一位业内专家对《经济参考报》记者表示,借助海外并购尤其是高质量的并购,能够促进中国经济的深度结构调整和转型升级。

社科院报告指出,中国企业海外并购的行业结构不断优化。热点行业出现显著转移,由原来产能过剩的能源、矿产、化工等领域转为互联网、信息技术、生物医药等新兴领域,以及金融业和先进制造业。境外并购已经成为中国企业“走出去”、高水平参与国际分工合作的一种重要方式,对提升中国企业在全球价值链中的地位,服务国内经济转型升级,发挥着重要作用。

武汉科技大学金融证券研究所所长董登新认为,从发达国家走过的历史来看,由商品输出为主逐步转向资本输出和服务输出并驾齐驱是历史趋势,过去单纯的商品出口已经不能满足今天我们参与经济全球化的过程。他认为,中国企业以并购的方式“走出去”,是当前经济转型升级的新的动能,中国企业通过海外并购主动参与国际市场分工,是中国经济转型一个必经的过程。企业可以借助高端的海外并购做大做强主业,创造出世界一流的品牌。记者 吴黎华 北京报道

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