资深投资银行家、香港证券专业学会委员温天纳近日做客《证券时报》财苑社区（cy.stcn.com），就中国企业通过海外并购重组实现“走出去”目标的过程中应关注的核心问题，与网友进行了深入交流。他认为，内地企业“走出去”的上策应是先开拓香港市场，而并购能否产生协同效应应重点关注。

Senior investment bankers/Hong Kong securities institute of a WenTianNa recently[Securities times]Wealth garden community(Cy.stcn.com),Chinese enterprise through the overseas merger and reorganization to realize"Go out"In the process of target should be the core issue of concern,And the net friend to carry on the thorough exchange.He thinks,Mainland companies"Go out"On the coordination is to exploit the Hong Kong market,And mergers and acquisitions and can produce synergistic effect should pay attention to.

　　温天纳认为，中国需要通过一些高增值的产业以提升生产总值和经济规模，这应该是在21世纪收购兼并考虑的重要目标。

WenTianNa think,China needs through some high value-added industries to enhance GDP and economic scale,This should be in the 21st century merger and acquisition consideration of important target.

　　“内地企业"走出去"的上策应是先开拓香港市场，通过入股和收购香港企业的模式进军香港市场，借此与国际市场接轨，而香港成为内地企业通往境外的试验地，同时也与内地市场产生经营协同效应。” 温天纳表示，虽然香港的营商成本较内地高，但作为国际金融、贸易中心，企业在香港能够获得的机会和效益，是内地城市目前尚不能企及的。

"Mainland companies"Go out"On the coordination is to exploit the Hong Kong market,Through the contribution and acquisition mode of Hong Kong enterprises into the Hong Kong market,To integrate with the world market,Hong Kong and the mainland become enterprise to the outside of the experimental field,At the same time also with the mainland market produce management synergy effect." WenTianNa said,Although Hong Kong business cost is the mainland high,But as an international financial/Trade center,Enterprises in Hong Kong can get opportunities and benefits,Is the mainland cities currently can not be one.

　　据其介绍，香港可供收购的企业机构尤其是家族式企业的规模相对较小，内地企业所需动用的成本也相对较小。并且香港市场透明度较高，监管相对健全，使内地机构在并购上所能获得的评估较为直接。有了新的香港业务及对外联系等基础，内地企业日后做出第二阶段的国际化拓展计划就会更加便利。同时，可利用在香港的国际媒体提高境外市场对企业的注意，增加打入国际市场的机会。

According to its introduction,Hong Kong for the acquisition of business enterprise especially family enterprise scale relatively small,For mainland enterprises producing cost is relatively small.And the Hong Kong market transparency is higher,Supervision relative perfect,Make the mainland mechanism in m&a can get the evaluation more directly.A new Hong Kong business and foreign contact and other basic,Mainland companies in the future to make the second stage of the internationalization development plan will be more convenient.At the same time,Available in Hong Kong's international media overseas market to improve enterprise's attention,Increase the chance to enter the international market.

　　对于借壳香港公司的选择，温天纳表示，香港法规比较严谨，收购目标两年内难以注入资产，因此必须寻找一家与自己业务相近的壳公司，同时规模不宜太小，他认为主板企业比较适合。

To borrow shell Hong Kong company's choice,WenTianNa said,Hong Kong more stringent regulations,Acquisition target two years difficult to inject assets,Therefore must find a with their business similar shell company,At the same time scale shoulds not be too small,He thinks that enterprise is suitable for main board.

　　对于并购重组中需要重点关注的问题，温天纳表示，收购兼并可以加速企业的发展和膨胀，但是需要考虑企业自身的实力和情况，最重要还是要留意当地和国际的一些大趋势。必须要了解究竟是在收购资产还是收购整体业务，协同效应绝对需要评估。

For the merger and reorganization of the need to focus on problems,WenTianNa said,Merger and acquisition can accelerate the development of the enterprise and expansion,But need to consider its own strength and the situation,It is most important to pay attention to local and international some big trend.Must want to know what is in the acquisition of assets or buying overall business,Synergy effect absolutely need to evaluate.

　　此外，结合最近曝出的惠普对Autonomy收购遭遇会计欺诈的事件，温天纳指出，并购涉及严密的尽职调查，对企业的管理层、员工、业务和资产也需要严密审查，很多时候企业头上的光环会在并购后消失，协同效应的评估是十分重要的一环。投资者不可以尽信任何未经核实的数据或资料，特别是在发展中国家或地区。金融海啸后，欧美企业实力大减，必须提防作假。

In addition,Combined with the recent exposure of HP to Autonomy acquisition encounter accounting fraud of events,Temperature day the nasdaq out,Mergers and acquisitions involving strict due diligence,For enterprise management/employees/Business and assets also need to close examination,A lot of times enterprise head aura will disappear after the merger,Synergy effect evaluation is one of the most important ring.Investors can't do any letter without verification of data or material,Especially in the developing countries or regions.Financial tsunami after,Europe and the United States enterprise strength big reduction,Must beware of false.

　　温天纳表示，目前中国企业的规模还比较小，对兼并境外的优质企业方面构成一定的限制。另外，企业面临的融资手段存有局限性，融资缺乏一定的弹性。若市场缺乏大型私人股本投资基金融资渠道的话，就只能全部通过银行融资。因此，融资渠道依然需要发展，而随着金融创新，中国资本市场将进一步发展。（叶秋）

WenTianNa said,At present Chinese enterprise scale is relatively small,For merger overseas high quality enterprise aspects constitute certain restriction.In addition,Facing the enterprises financing means being limitations,Financing the lack of certain elasticity.If the market lack of large private equity investment funds financing channels words,Can all through the bank financing.therefore,The financing channel is still need to develop,But along with financial innovation,China's capital market will be further development.(YeQiu)

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