中国民企海外并购占比上升
The rise of private outbound investment from China is rewriting the rules for bankers who now find they must seek business from a new class of entrepreneurs in addition to working with state-owned groups.
中国民营部门境外投资增长正在改写银行人士的规则。如今银行家们发现，除了与国有企业合作外，他们必须争取新一类企业家的业务。
China’s private sector has completed about $60bn in outbound mergers and acquisitions and other direct investment such as project finance this year.
今年迄今，中国私营部门完成约600亿美元的境外并购以及项目融资等其他直接投资。
Private deals are now neck and neck with transactions completed by state-owned enterprises, according to a Financial Times analysis of data from the China Global Investment Tracker compiled by US think-tank American Enterprise Institute.
英国《金融时报》对美国智库美国企业研究所(American Enterprise Institute)编制的《中国全球投资跟踪器》(China Global Investment Tracker)的数据分析显示，如今，私营部门交易规模与国有企业完成的交易规模不相上下。
In 2015, Chinese private companies pushed through just $51bn in outbound investment to the state’s $157bn.
2015年，中国民营企业仅完成了510亿美元的境外投资，远低于国企的1570亿美元境外投资。
Behind the shift are hundreds of mid-tier private groups that have bought foreign assets or have at least tried.
这一变化的背后是数百家购买海外资产或至少尝试购买海外资产的中型民营集团。
Many are making their first acquisition abroad and are unknown to investment bankers even in China, let alone in Hong Kong.
很多企业正在进行首笔海外收购交易，即使是中国的投行人士也不了解它们，更不用提香港的投行人士了。
So bankers have had to come up with an new strategy for winning business from a legion of new midsize buyers One senior Hong Kong-based banker referred to his method as carpet bombing, which in practice has meant increasing the number of bankers on the ground to pitch deals to as many corporations as possible.
因此，银行家们不得不想出从一批新的中型买家手中赢得业务的新策略。一名香港的银行高管称，其方法为地毯式轰炸，这在实践中意味着增加在第一线工作的银行员工数量，向尽可能多的企业兜售交易。
Bankers say they also have to look more carefully at whether their new Chinese clients have the financing and experience to get the deal done.
银行人士称，他们还不得不更谨慎地考察新的中国客户是否拥有做成交易所需的资金和经验。
The client base has expanded with the emergence of many first-time buyers who are outside of the traditional banking coverage universe, said Colin Banfield, joint head of global cross-border M&A at Citi. This creates some challenges when assessing whether they are capable of getting to the finish line on a complex cross-border deal.
客户群扩大，出现了很多传统银行覆盖范围以外的首次买家，花旗(Citi)全球跨境并购部的联席主管彭高年(Colin Banfield)称，这对于评估他们是否有能力完成复杂的跨境交易带来了一些挑战。
Private companies tend to be more nimble and more flexible, said James Tan, co-head of M&A in Asia-Pacific at Morgan Stanley. With state firms, many decisions have to be made on a consensus-driven basis.
民营企业往往更灵活、更有弹性，摩根士丹利(Morgan Stanley)亚太并购部联席主管James Tan表示，在国企，很多决定不得不在共识驱动的基础上做出。
The Chinese private sector is getting larger, as a share of the economy, and private firms on average have quite high returns on equity and hence an increasing amount free of cash flow, said Arthur Kroeber, managing director at Gavekal Dragonomics.
中国私营部门在经济中的占比越来越大，民营企业平均拥有相当高的股本回报率，因而拥有越来越大的自由现金流，龙洲经讯(Gavekal Dragonomics)的董事总经理葛艺豪(Arthur Kroeber)表示。
So I think the trend of the private sector gradually taking a larger and larger share of [outward direct investment] flows will continue more or less indefinitely.
因此我认为私营部门（在境外直接投资）流动中的占比逐渐越来越大的趋势将继续，基本上将是无限期的。
