尽管对外投资既可能说明、也可能无法说明投资者对中国特色未来的信心,但中国的对外收购也代表着外国投资者的机遇。不久前,人们还认为中资公司收购美国上市公司取得成功的可能性很低,部分原因是它们相对稚嫩,还有部分原因在于美国的监管以及本地融资方面的担忧。如今,中资公司取得了进步,这意味着并购套利基金开始看好中国内地收购方成功收购目标企业的能力。
China’s buying binge, whether in bringing companies back home or buying foreign companies, may seem questionable. After all, in the former case, higher valuations in China were partly a reflection of the scarcity of alternative investment opportunities and capital controls which prevented diversification offshore. And in the latter, can the Chinese actually manage their new foreign acquisitions — or even oversee them?
中国的收购盛宴(无论是让中概股回归还是收购外国公司)或许看起来值得怀疑。毕竟,就中概股回归而言,中国的较高估值部分反映出其他投资机遇的缺乏以及资本管制对海外多元化的阻碍。而就收购外国公司而言,中国人真的能够管理他们新收购的外国企业、或者哪怕只是从旁监督它们的管理吗?
Yet for both buyers and investors surely it is better to invest in these sorts of transaction than in government securities around the world which pay almost nothing or less than nothing.
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