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惠誉:中资境外并购料续减少 面临更大偿债压力
阿思达克 04-01 13:48
信贷评级机构惠誉发表报告,受全球监管障碍加剧、中美贸易紧张局势潜在升级、新冠肺炎疫情全球大流行致中国经济增速进一步放缓等诸多因素的影响,中资公司的境外并购活动在2019年跌至五年低点,并可能在2020年进一步下滑。

惠誉预计,本年度,负债累累的中资收购方的偿债压力将大幅攀升,因经济增长步伐放慢可能会削弱它们的现金流,进而降低其偿债能力。

报告称,中美之间的「贸易战」和监管审查日趋严格将继续抑制中资企业发起境外并购活动的需求,2019年,已宣布交易总额同比下降30.1%至686亿美元,为2015年以来的最低水平。中资企业在美国和欧洲(2018年中国最大的海外并购目的地)的并购活动分别跌至2014年和2012年以来的最低水平。

自2017年下半年以来,受经济增长放缓和信贷环境收紧的影响,一些大规模举债并购的中资企业在2019年面临很高的流动性风险,或艰难偿还其到期债务。典型案例包括:纺织品制造商山东如意科技集团在最後时刻兑付12月到期的3.45亿美元债务,与违约擦肩而过;中国锂生产商天齐锂业(002466.SZ)在2018年大举举债41亿美元收购智利锂矿公司Sociedad Quimica y Minera de Chile S.A.24%的股权後,目前也面临骤增的再融资风险。

惠誉预计,在经济前景黯淡的情况下,由於现金流产生能力减弱,债务缠身的中资收购方或将在2020年面临更大的偿债压力。那些处於受新冠疫情影响严重的业务领域的民营企业面临的风险尤为高企。

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