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民企海外并购三问:钱从哪里来 监管层为何出手?

2017-07-11 09:25:49   中国经济周刊

传奇影业只是万达进军全球影视霸主的“一小步”。2012年,万达集团斥资31亿美元收购美国AMC影院公司,万达集团官网称其目前为美国和世界最大的单一院线。2015年,万达集团旗下的上市公司万达电影(原“万达院线”)又全资收购澳洲第二大院线公司Hoyts。2016年7月,万达集团斥资9.21亿英镑并购欧洲第一大院线Odeon&UCI。此外,万达集团还与多个全球影视巨头开展合作。短短不到5年时间,万达已经成为全球电影产业收入最大的企业,构建了从影视投资、制作到发行放映的全产业链。

而王健林提出的目标是,到2020年,万达要占据全球票房20%。王健林曾透露,2016年,万达已占据全球票房市场份额的12%。

不光是万达,国内不少企业也纷纷进军全球影视娱乐业,掀起一波波并购潮,不少主业与影视娱乐业毫不相关的企业也跨界并购。曾经作为唯一一支在美国纳斯达克交易所上市的中国影视公司,博纳影业曾于2013年获复星国际2080万美元投资,复星国际一度占据其6.4%的股权。再如安徽企业鑫科材料(600255.SH),其于2016年11月曾计划以约23.88亿元收购奥斯卡最佳影片《拆弹部队》制作公司Midnight Investments L.P. 80%的出资权益,溢价高达627.89%。彼时恰逢海外并购投资政策收紧,鑫科材料一个多月后就放弃了此次并购案,给出的理由是对方一直不提供回复上交所《问询函》需要的材料,导致回复问询函连续三次延期,且无法确定何时才能完成回复。

其他海外影视收购案也先后止步,如长城影视(002071.SZ)对好莱坞电影特效公司TippettStudio的收购案;今年3月,据美国媒体报道,美国迪克·克拉克制作公司母公司Eldridge称,在万达“没能履行合同义务”后,取消了一笔规模达人民币69亿元的交易。

对此,央行副行长、国家外汇管理局局长潘功胜2017年3月曾表示,我们在日常的监管中也发现了一些非理性和异常的投资行为。他特别提到,“可能是一个钢铁厂买海外的影视公司,在中国一个开餐馆的在海外收购了一个网游公司。”

根据公司最新年报,在2016年年底曾试图收购国外影视制作公司的鑫科材料的主营业务中,铜基合金材料占比达84.96%。

海外足球俱乐部:中国资本大佬排队“接盘”

在体育产业方面,王健林同样是大手笔。万达是国际足联顶级赞助商,又先后以10.5亿欧元收购瑞士盈方体育传媒集团,6.5亿美元拿下世界铁人公司。这两笔投资均曾遭受溢价过高的质疑。

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