摘要
去年下半年以来,全球并购市场受次按危机影响严重滑坡,今年首季交易量大跌24%。投资者回避高风险债券,欧美金融机构不得不为CLOs进行撇帐,并低价出售未包装成CLOs的杠杆贷款,另一方面,并购活动的服务收费也急剧减少。金融机构曾承诺的杠杆贷款纷纷违约,导致私募基金杠杆收购被大量取消。目前,全球并购市场处在一个灰暗时期,但已出现一些见底迹象:CLOs价格反弹刺激金融机构重新发行新产品;美元贬值使美国企业对海外投资者的吸引力增加;亚洲机构成为全球并购市场的活跃力量。不过,市场复苏还需要相当长的时间。
The spread of subprime crisis seriously disrupted many areas of the global financial markets, including the once vigorous merger and acquisition activities. This paper tries to analyze how the subprime crisis seriously affected the merger and acquisition business of the global financial institutions as well as the default in leveraged buyout activities. Though the outlooks of the merger and acquisition activities remain dim, the possibility of market recovery cannot be ruled out. For example, the US dollar depreciation makes acquisitions in the US more attractive, private enterprises in Asia and the sovereign wealth funds also become more aggressive in foreign acquisitions.
出处
《国际金融研究》
CSSCI
北大核心
2008年第6期76-80,共5页
Studies of International Finance
关键词
全球并购
市场复苏
Global M＆A
Market Recovery.
