■規範境外投資並不影響「走出去」的大政策。圖為有關「一帶一路」的食品交易會。 資料圖片【原文】近日，國務院（State Council）發佈《進一步引導和規範境外投資方向的指導意見》，要求規範境外投資，限制房地產、酒店、影城、娛樂業、體育俱樂部等領域的對外投資。
內地資本通過耕耘海外市場謀取全球收益，對促進經濟轉型升級，推進「一帶一路」（Belt and Road Initiative）建設等方面一直發揮重要作用。
不過，向外拓展需要循序漸進（gradual and orderly），盲目發展將適得其反（counterproductive），甚至可能導致資金過度外流（severe capital outflow），影響內地金融安全。這個動向值得香港相關業界高度重視與密切關注。
近年來，中國企業境外投資步伐明顯加快，收購國際上知名企業、酒店和體育俱樂部的案例層出不窮。據統計，2016年中國對外非金融類投資（nonfinancial outbound direct investment）達1,701億美元，增幅為44%。
防止不規範資產轉移
不過，海外投資迅猛增長（hefty growth），對經濟領域也產生了一些負面的影響（negative impacts）。例如，在一定程度上抽走了內地的民間投資，再加上外匯儲備（foreign exchange reserves）連連下降，市場上關於資本外逃的傳言更是不斷。
該領域出現了一些不健康的現象，一些企業在境內負債率奇高，卻拿着從境內（domestic）銀行或其他金融機構借來的錢到外國購買資產。
用銀行信貸和資本市場加槓桿融資，一旦出現失誤，會導致境內銀行壞賬率（bad debt ratios）大幅增加，增加境內的金融風險。
還有的企業以海外投資為名，在境外設置無任何實體項目作依託，在投融資性質的空殼平台公司（investment shells）進行資本投機，實質上是在直接投資的包裝下，進行不規範的轉移資產（ unregulated asset transfer）。
無礙「走出去」 助「走」得更穩
對於上述的不理性和不健康的現象，加強規範和監管，嚴控不理性的海外投資行為實屬必要。
當然，現時頒行「限制令」，並不意味着中國企業「走出去」的大政策（Go Out policy）有變。有序理性的海外投資收購，才是有利可圖且可持續地「走出去」，令中國企業在海外發展之路，走得更加穩妥扎實。
香港一直為內地企業「走出去」提供強有力的支持及配合，因此，有關業界應認真研究國務院發出的指導意見，以便更好地發揮超級聯繫人（super connector）的作用和功能。 （標題及小標題為編輯所加） （摘錄自香港文匯報社評21-8-2017）
HK should follow up mainland China's overseas investment curb
【譯文】In its recent efforts to restrict overseas investment, the State Council has released guidelines to curb acquisitions of foreign properties, hotels, film industries, entertainment firms and sports clubs. Chinese enterprises' expansion around the globe has proven to be vital to both the country's economic transition and the promotion of its Belt and Road Initiative. Yet, a gradual and orderly approach should be adopted in expanding outwards. Blindly investing abroad might be counterproductive, even leading to financial turmoil in China due to severe capital outflow. Hong Kong's respective sectors should closely observe the new trend that follows.
In recent years, Chinese firms have apparently accelerated their overseas investments, as more and more multinational corporations, hotels and sports clubs overseas are devoured. According to some statistics, China's nonfinancial outbound direct investment (ODI) in 2016 has surged 44 per cent to a staggering US$170.1 billion.
Prevents unregulated asset transfer
However, the hefty growth in overseas investments also has a negative impacts on the Chinese economy. For instance, domestic investments have been weakened as capital shifts abroad, and the country's foreign exchange reserves also continue to fall. Rumours regarding capital outflow echoes around the market as a result.
Unhealthy elements can be found in the overseas acquisition spree, as enterprises, with already dangerously high debt levels, embark on foreign investments with loans obtained from domestic banks or other financial institutions. Any miscalculations in this credit and leverage-fuelled financing strategy would significantly push up bad debt ratios of Chinese banks, and therefore introduce risks into the domestic market.
Meanwhile, some enterprises cover up capital flight by setting up investment shells overseas in the name of foreign investments. These shadow companies have no real operations, and are nothing but disguises for unregulated asset transfer.
Helps strengthen the Go Out tactic
In face of all these irrational and unhealthy phenomena, it has become necessary for the authorities to step up their efforts in the supervision of overseas investment behaviours. Certainly the new guidelines released by the State Council are by no means indicating a change in the Go Out policy. It is simply a reminder that organisation and rationality are the keys to Chinese enterprises' solid, profitable and sustainable overseas expansion.
Hong Kong has always been supporting Chinese enterprises' global ventures. Therefore, the respective industries should study the new guidelines closely and prepare to function better as the super connector between China and the world.■Jeffrey Tse [ywc_jeffrey@hotmail.com]
Exercise
1. 國企
2. 併購
3. 亞投行
4. 動力
5. 綜合企業
Answers
1. state-owned enterprises (SOE)
2. mergers & acquisitions (M&A)
3. Asian Infrastructure Investment Bank (AIIB)
4. momentum
5. conglomerates
