孙红娟 罗莉香

SunGongJuan LuoLiXiang

　　“并购市场是金融市场中最后一个复苏的部门，但我相信，随着全球经济不确定性因素的降低，2013年是全球并购市场的复苏之年。”美国并购顾问公司The M&A Advisor董事总经理大卫·弗格森在北京接受《第一财经日报》专访时说。

"Merger and acquisition (m&a) market is financial markets last recovery department,But I believe that,With the global economic uncertainty factors reduced,Globally, 2013 was the year of the merger and acquisition (m&a) market recovery."The merger consultant company The M&A Advisor managing director David ferguson in Beijing to accept[The first financial daily]Interview, said.

　　在过去的几年中，全球范围内的并购行为长期处于低迷状态，不管是投行还是并购咨询公司都遭受了业务下滑的影响。

In the past few years,Global m&a activities in recession for a long time,Whether investment banking or consulting company mergers and acquisitions are suffered from the influence of the business downturn.

　　“过去五年中，全球每年的并购规模不足2万亿美元，只占金融危机之前的一半水平。”弗格森称，“并购市场之所以落后于其他部门的复苏，主要是因为并购市场本身的特征，并购中的买方和卖方看重的都是未来的预期，但在金融危机期间，由于经济不确定性，这种未来的预期就导致估值出现困难，买卖双方达成一致的可能性就比较低。”

"Over the past five years,Each year the global m&a size less than $2 trillion,Only about half the level before the financial crisis."Ferguson said,"Merger and acquisition (m&a) market is lag behind other department of recovery,Mainly because of the characteristics of merger and acquisition of the market itself,Merger and acquisition of the buyer and seller value is expected in the future,But in the financial crisis period,Because of the economic uncertainty,The future is expected to appear difficult valuations,Both parties agree possibility is lower."

　　对于有分析认为全球并购市场萎靡的一个重要原因在于全球金融行业的去杠杆化导致的资金短缺，弗格森对此持保留态度，“银行信贷标准提高可能会有一定的影响，但并不能解释这种萎靡，因为当前全球范围内的利率基本上处于历史最低时期，借贷成本非常低，目前保守估计大概有5万亿美元的资金在全球范围内寻找好的项目。”他称，随着全球经济趋稳，并购市场将于2013年正式复苏。

For analysis is that the global mergers and acquisitions in the market one of the most important reason is that the global financial industry de-leveraging lead to the shortage of capital,Ferguson to reservations,"Bank lending standards improve may have certain effect,But cannot explain this sag,Because the current global interest rates was basically in the minimum period of history,Borrowing cost is very low,At present conservative estimate about $5 trillion of capital in the global scope to look for a good project."He says,As the global economy stabilised,Merger and acquisition (m&a) market in 2013 will be officially recovery.

　　此前曾有报告指出，中国及其所在的亚洲新兴市场将会成为最大的并购市场，超越北美和欧洲。弗格森对此称：“这个地区的经济增长潜力自然会给区内以及该区域与外围市场的并购项目提供机会，但我并不认为就会超越北美和其他地区，拉美也非常值得关注。”不过弗格森非常期待中国企业走出去过程中给全球并购市场带来的活力。

Previously have been reported,China and the Asian emerging market will become the largest merger and acquisition (m&a) market,Beyond North America and Europe.Ferguson said this:"The region's economic growth potential natural will give area and the area and peripheral market m&a projects provide an opportunity,But I don't think that would be beyond North America and other regions,Latin America is very worthy of attention."But ferguson is looking forward to Chinese enterprises to go out during the global m&a market with vigor.

　　2000年~2012年期间，中国企业赴美直接投资超过220亿美元，其中的110亿美元发生在2011年和2012年。“这种趋势会继续，而且中国并购行业正在逐渐成熟，很多并购行为在世界范围内也是被广泛接受的，比如去年中国完成了很多在欧洲的困境收购，一个需要进一步提升的地方是对中国企业家的并购教育。”

During 2000 ~ 2012,Chinese enterprises to direct investment more than 22 billion dollars,The $11 billion occurred in 2011 and 2012."This trend will continue,And China's m&a industry is gradually mature,A lot of m&a activities in the world are the most widely accepted,Such as last year, China has completed a lot of difficulties in Europe purchase,A need to further improve the place is on China's entrepreneurs m&a education."

　　“中国的企业文化并不是很适应美国的并购文化，美国的节奏要快很多，中国企业必须适应西方拍卖式的并购习惯，通常情况下这种机会稍纵即逝，但我接触的中国客户通常会反应比较慢。”弗格森称。

"China's enterprise culture, and is not very adapt to the American m&a culture,The rhythm of the United States to much quicker,Chinese enterprises must adapt to western auction m&a habit,Normally this kind of opportunity fleeting,But I contact Chinese customers usually react slowly."Ferguson said.