登录×
电子邮件/用户名
密码
记住我
海外投资

Japan attracts record M&A from Asian groups in 2016
中国大陆和台湾引领外资对日收购热潮

中国大陆和台湾买家对日企的并购金额和交易数量都创下了纪录,其并购额几乎是美企对日企并购额的5倍。

China and Taiwan led a record foreign acquisition spree in Japan last year, as traditional barriers to larger-scale inbound dealmaking fell and Asia increased its dominance as the world’s biggest buyer.

随着针对较大规模对日投资的传统壁垒减少,而亚洲作为全球最大收购者的主导地位上升,中国大陆和台湾引领了去年日本创纪录的外资收购热潮。

Although the number of inbound deals was slightly lower in 2016 than in the previous year, their total value of ¥2.56tn ($22bn), according to data from the Japanese research house Recof, marked a 150 per cent increase from 2015 levels. Bankers and lawyers say that trajectory is likely to continue this year.

根据日本研究机构Recof的数据,2016年,外资对日并购交易数量较前一年略有下滑,但交易总额达2.56万亿日元(合220亿美元),较2015年增长150%。银行人士和律师表示,今年这种趋势很可能会继续。

M&A consultants expect Japan to emerge as an even richer source of potential deal targets as the yen remains weak against the dollar, many smaller listed companies continue to command relatively low price/book ratios and ageing demographics encourage elderly company owners to cash in by selling out. 

并购咨询顾问预测,日本将成为更多潜在并购交易目标的来源,因为日元兑美元汇率持续疲软,很多较小上市公司继续保持相对较低的市净率,同时人口老龄化促使年迈的公司所有者通过出售企业来套现资金。

Of the 201 foreign mergers and acquisitions in Japan last year, deals by Asian buyers — emboldened by the spectacle of venerable Japanese electronics company Sharp falling into Taiwanese hands — represented almost half. Investment into Japan by Asian companies topped ¥1tn for the first time in 2016.

在去年201笔外资对日并购交易中,亚洲买家占到了近一半。备受尊敬的日本电子产品公司夏普(Sharp)落入台湾企业手中,这鼓舞了亚洲买家。2016年,亚洲公司对日投资首次超过1万亿日元。

The most striking trend within that, said bankers, was the increase in activity by Chinese and Taiwanese buyers, who spent ¥933.2bn across 51 Japanese deals — a record both by value and number of cases, according to data from Recof. The amount spent by Chinese and Taiwanese buyers was nearly five times that of Japanese deals done by US companies, according to Dealogic.

银行人士表示,其中最引人注目的趋势是中国大陆和台湾买家的并购活动增加,他们共斥资9332万亿日元,做了51笔交易;根据Recof的数据,并购金额和交易数量都创下了纪录。根据Dealogic的数据,中国大陆和台湾买家对日本企业的并购额几乎是美国企业对日本企业并购额的5倍。

The Asian dealmaking record was dominated by the $3.5bn takeover of century-old Sharp by Taiwan’s Hon Hai Precision Industry, better known as Foxconn. 

在亚洲创纪录的并购交易中,鸿海精密(Hon Hai Precision Industry,更被人熟知的名字是富士康)以35亿美元收购百年日企夏普的交易最为引人注目。

That deal, according to bankers, was a “psychological breakthrough” for Asian buyers who had long seen Japan as resistant to takeover bids from the region. For years, Tokyo has intervened to prevent key Japanese technologies from falling into foreign hands. In 2012 the government-backed Innovation Network Corp of Japan thwarted a bid by US private equity group KKR for a majority stake in Japanese chipmaker Renesas Electronics. 

据银行人士称,对于亚洲买家而言,那笔交易是一种“心理突破”,长期以来,亚洲买家一直认为日本抵制来自本地区的收购报价。多年来,日本政府曾出手干预,阻止日本关键技术落入外国人手中。2012年,得到政府支持的日本产业革新机构株式会社(Innovation Network Corporation of Japan)挫败了美国私人股本集团KKR购入日本芯片制造商瑞萨电子(Renesas Electronics)多数股权的交易。

译者/梁艳裳

FT中文网客户端
点击或扫描下载
FT中文网微信
扫描关注
FT中文网全球财经精粹,中英对照
设置字号×
最小
较小
默认
较大
最大
分享×