境外私募并购境内企业境外套现的模式简析

A M&A Model Study:How Offshore PE Funds Circumvent the Regulation and Get Local Enterprises Listed Overseas

境外私募股权基金已经成为国内优质企业境外上市的幕后推手。《外国投资者并购境内企业暂行规定》的施行在一定程度上减缓了国内企业海外上市的进程。本文分析了境外私募股权基金正在形成的新的较为成熟的模式,当前在次贷危机蔓延的形势下,政府应加强监管,避免外资对于国内优质企业的低价并购,防止战略性资源的流失。

Offshore PE fund has become an invisible hand to propel lots of high-quality domestic enterprises to listing on overseas stock markets. The provisional disciplines ruling foreign investors in local M＆A have somewhat slowed down the overseas listing process. This article analyzes that the offshore PE funds are forming a much more mature new model. Under the current situation of subprime crisis, government should strengthen supervision to decline malicious M＆A bid from foreign capital in order to reserve strategic resources.