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今年上半年,中国海外并购激增,“中国买断全球”论盛行。虽然根据中国商务部的数据,实际完成的海外并购不足外媒报道的20%,但中国企业海外并购大幅增长的趋势值得关注。这背后的驱动因素有多方面,包括少数案例形成的异常值扰动、宽松资金面的支持、人民币汇率承压下的资产配置,以及对外投资审批环节简政放权等。我们认为,不必过于担心中国海外并购大幅增加所带来的资本流出,更应
In the first half of this year, China’s overseas mergers and acquisitions soared, “China Buys Global” theory prevailed. Although according to the data from the Ministry of Commerce of China, the actually completed overseas mergers and acquisitions are less than 20% reported by foreign media, the trend of large-scale overseas mergers and acquisitions by Chinese enterprises deserves attention. The driving forces behind this are many, including the disturbance of unusual values formed by a few cases, the support of loose capital, the asset allocation under the pressure of RMB exchange rate, and the simplification and decentralization of foreign investment approval. We do not think we should worry too much about the outflow of capital brought about by the drastic increase in China’s overseas mergers and acquisitions.