中资资本在英打破并购诅咒
The theory of the “M&A curse” has it that the benefits of a deal generally go to the seller, while the buyer’s share price often slides after a deal is done.
按照“并购诅咒”理论，交易的好处通常会流向卖方，而在交易达成后，买方的股价往往会下滑。
However, a new study shows that in the case of Chinese companies acquiring UK counterparts, such hoodoo appears to be absent.
然而，一项新研究表明，在中国企业收购英国企业的案例中，似乎并不存在这类不幸。
“Most, or almost all, M&A deals show a significant share price decline (of the buyer) when the deals are announced,” said Scott Moeller, professor at Cass Business School in London. But, he added, Chinese companies acquiring firms in the UK generally see an uptick in their shares as deals are announced.
“多数、或者说几乎所有的并购交易表明，当交易宣布后，（买方）股价明显下滑，”伦敦卡斯商学院(Cass Business School)教授斯科特.莫勒(Scott Moeller)称。但是，他补充称，在英国收购公司的中国企业往往会在交易宣布后看到股价上涨。
“This demonstrates that the market positively evaluates the UK M&A activities by Chinese firms to obtain, for example, well-known brands, technologies and network channels,” according to a report jointly authored by Prof Moeller and Lin Zhu, also of the Cass Business School.
“这表明，市场积极评价中国企业为了得到知名品牌、技术和网络渠道等而在英国进行的并购活动，”莫勒和同在卡斯商学院的朱林（音译）联合撰写的报告称。
A sample of 44 Chinese-listed companies that bought UK companies between 2012 and 2016 showed the share price of the acquiring company 10 days before and after the deal announcement performed more strongly than overall market dynamics.
2012年至2016年期间收购英国企业的44家中国上市公司的样本表明，在交易宣布的前10天和后10天，收购方的股价表现跑赢大盘。
The findings identify one of the motivators behind rising M&A deal volumes in the UK, which hit a record high in the second quarter of this year with 16 deals announced, according to data compiled by Grisons Peak, an investment bank based in London.
该发现确定了英国收购交易增加背后的激励因素之一。伦敦投行Grisons Peak汇集的数据表明，今年第二季度，英国收购交易以16笔交易创历史新高。
A boom phase in announced Chinese acquisitions in the UK began in 2015 and has carried through into this year, notwithstanding concerns voiced by some Chinese entrepreneurs over the UK’s vote to leave the EU. It remains to be seen how many of the announced deals are carried to a successful conclusion.
中国在英国进行收购活动的繁荣期从2015年开始并延续至今年，尽管一些中国企业家表达了对英国投票退出欧盟(EU)的担忧。尚不清楚有多少宣布的交易最终成功完成。
Assessed by value, the priorities of Chinese acquirers become clear. Some 44 per cent of the value of deals announced have been in the property sector, followed by 28 per cent in the consumer sector, 8 per cent in financial services, 7 per cent in oil and gas and 5 per cent in healthcare, with the remainder split between industrials and technology, according to Grisons Peak data.
以价值评估，中国收购方的优先考虑变得清晰起来。据Grisons Peak数据显示，宣布的交易价值有44%左右在房地产领域，28%在消费者领域，8%在金融服务领域，7%在石油和天然气，还有5%在医疗保健领域，剩下的在工业和科技领域。
The study by Prof Moeller and Lin Zhu shows that real estate acquirers experienced some of the most pronounced share price bounces among Chinese acquirers. Buyers of financial services firms, by contrast, tended to record a share price slide around the time of the deal announcement.
莫勒和朱林的研究表明，房地产收购方经历了中国收购方中最明显的股价反弹。相比之下，收购金融服务公司的买家在交易宣布后往往会经历股价下滑。
