中国国企改革未必是投行佣金富矿

2014-09-25 14:45:23来源：可可英语

　　Said one person involved in the Sinopec deal: “To be honest, the more important thing is theeventual listing. I think all the banks see it as about that.”

　　一位参与中石化交易的人士表示：“实话说，更重要的是公司最终的上市。我觉得所有银行看待这个问题都是这样想的。”

　　Listing fees in Hong Kong vary. Banks may earn perhaps 3 per cent of the amount raised onsmaller, private companies but something nearer 2 per cent on bigger deals. New York fees, bycontrast, are much higher, at more than 5 per cent on most deals – and there are usuallyfewer banks splitting the fee pool.

　　在香港，上市佣金因事制宜。规模较小的民企上市过程中，银行可能会收取募得资金的3%，而对于较大规模的交易，这一比例大约为2%左右。相比之下，纽约的佣金要高多了，多数交易中的佣金比例都在5%以上，而且分享佣金池的银行通常也要少一些。

　　In Asia, however, listings have an outsized importance to the overall investment banking feepool, meaning they are worth chasing. About 40 per cent of the industry’s fees come fromlistings, compared with an average of a quarter globally.

　　然而，在亚洲，上市业务在投行业务总佣金中占有极大分量，也就是说亚洲投行对上市业务的偏好是有原因的。该行业40%的佣金来自上市业务，相比之下全球这一比例只有四分之一。

　　Some bankers, however, caution against assuming the spin-off and list pattern would holdtrue this time round.

　　不过，部分银行家警告说，不要想当然的认为这次的分拆上市模式能推而广之。

　　“The ultimate goal is not listing in itself. The government wants these companies to be moremature in how they operate and to have a major presence in international financial markets.This will happen in many different ways,” says Eugene Qian, head of China banking at Citi.

　　花旗(Citi)中国银行业务主管钱于君(Eugene Qian)表示：“最终目标不是上市本身。中国政府希望这些企业能够在运营方面更加成熟，并希望他们能够全面走向国际金融市场。许多不同途径都可以实现这一目标。”

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