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惠誉:中资投资公司的快速发展带来风险
May 24, 2017 / 7:32 AM / 5 months ago

惠誉:中资投资公司的快速发展带来风险

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Investment Companies in China here HONG KONG/SINGAPORE, May 24 (Fitch) 本文章英文原文最初于2017年5月17日发布于:<a href="https://www.fitchratings.com/site/pr/1023822">Fitch: Rapid Growth of Chinese Investment Cos is Building Risks 过去五年内,由于货币政策宽松、且政府支持丰富经济多元程度和帮助本土企业在海外扩张的投资,中资投资公司取得了快速的增长。尽管近期中国政府对资金外流的约束造成了一定 限制,惠誉预期中资投资公司可以长期维持强劲的增长势头。然而,对风险管控的投入可能无法与快速的增长以及与日俱增的运营复杂程度相匹配,并且,大部分中资投资公司的稳健 表现尚未经过一个完整经济周期的考验。 在截至2016年底前的五年内,中资投资公司的资产以67%的复合年均增长率增长,即使与中国“影子银行”领域的快速增长相比,这一增速也很高。2016年底时,投资公司 资产估计达到10.6万亿人民币(1.5万亿美元),相当于中资银行资产的7%,或GDP的约13%。惠誉预计,在未来五年内,投资公司资产将以逾25%的年均增速增长。 中资投资公司在国际舞台上愈来愈显着,反映出海外扩张在其总体战略中的重要性。惠誉估计海外投资约占其总资产的30%-40%。许多投资公司的规模已经达到需要通过海外收 购来丰富投资组合多元程度的水平,而这一战略也与政府的长期“走出去”政策相吻合,该政策鼓励公司在海外投资和经营。投资公司的战略通常与政府的经济政策一致,例如支持一 带一路计划以及经济向第三产业再平衡。部分国有投资公司将政府政策优先于利润。 政府近期控制资金外流的措施,包括加强对对外直接投资的审查,短期内可能限制海外扩张。但是,投资公司将其大部分外币流动性资产留在境外,并且其扩大了对境外资本市场的投 资,这会支持其海外收购而不会增加资金外流。此外,投资公司的对外直接投资常是长期战略性投资,相比对房地产或名誉资产(如体育俱乐部)的投资,此类投资可能更受政府支持 。 中资投资公司在海外收购方面已取得竞争优势,目标企业的股东通常受到中国投资公司的战略资产组合提供的机会以及进入中国市场的可能性吸引。例如,复星主要针对中国中产阶级 ,这就意味着,在对地中海俱乐部(Club Med)和太阳马戏(Cirque du Soleil)投资时,其能够为现有股东带来潜在的协同效益和交叉销售机会。 迄今为止,大部分投资公司均达到了运营目标,但是惠誉认为这主要反映出市场条件有利。投资公司的战略和风险管控尚未经过重大市场波动或经济低迷的考验。同时,其风险报告工 具和框架没有发达市场的同类企业一般尖端,并且没有制度化,而创始人能够影响风险决策。 依靠撤资收益和银行贷款来满足现金外流是投资公司的一大弱点,这会带来风险,使其在面临流动性压力时可能被迫以低价出售投资项目。在这一方面,国有投资公司的流动性状况比 私人投资公司理想,因为其与银行的关系比较好且杠杆率比较低。 《中国投资公司》报告详情请参见<a href="https://www.fitchratings.com">www.fitchratings.com或点击本文上方链接。 联系人: Leo Wah(华志行), CFA 董事 金融机构评级 +852 2263 9951 惠誉国际评级有限公司 香港中环德辅道中68号 万宜大厦19楼 Jonathan Lee(李信佳) 高级董事 金融机构评级 +886 2 8175 760 Dan Martin 高级分析师 惠誉快讯 +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 详情参见<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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