當前企業併購之全球趨勢

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Transcript 當前企業併購之全球趨勢

當前企業併購之全
球趨勢
安侯建業聯合會計師事務所
13 March,2015
馬國柱會計師
一、當前全球企業競爭態勢
1. 直接、間接與中層金融競合更加白熱化
2. 去槓桿化的調整與互動加劇
3. 私募與主權資金再次興起與結合
4. 區域化、全球化、自由化、主權化的Partnership
5. 功能性基準貨幣戰爭方興未艾
6. 資源定價權戰爭激化經濟版圖
7. 民族資本主義再次興起
8. 產業鏈整合結盟競爭
9. 商品定價權、價值鏈成肉搏戰場
10.自由化、透明化仍是維持競爭力主軸
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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二、當前全球金融競爭態勢
1. 金融科技激發產業價值鏈
2. 全球性銀行、區域銀行、跨境銀行競合
3. 功能性基準貨幣、金融話語權競爭激化金融版圖
4. 全球金融業面臨強勁異業競爭
5. 後QE風險資本管理成為競爭力核心
6. 新興經濟體興起與結盟
7. 新國家資本主義興起改變金融監理策略
8. 人民幣商機與競爭
9. 中國與新興經濟體財富管理市場機會及挑戰
10.金融功具、金融商品自主權及金融專業人才競爭
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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三、經濟體競合及產業鏈整併沖擊全球GDP結構
•新興經濟體機運及風險
•貿易協定VS.區域協定
•已開發國家再結盟及競爭
•全球產能整併
•全球產業鏈整併
•全球製造業再興計劃
•全球產業鏈重建再生計劃
•全球GDP再定義
•主權基金介入產業鏈整併及訂價權競爭
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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四、全球性銀行及區域銀行合日益激烈並沖擊跨界、跨境金融監理
•全球性銀行日趨龐大
•區域性銀行配合區域協定能見度日增
•國家資本主義及主權基金支持日增
•國家資本及主權基金監理趨向透明自由式監理
•因應全球金融競爭趨勢致金融體系日趨龐大
•大型銀行挑戰金融監理政策有效性
•跨界、跨境資金流通龐大且迅速
•主權基金介入金融資本市場及金融話語權競爭
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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五、國家資本主義及主權資金結構產生質變性重組後仍持續擴大影響力
•資本主義弱點造就國家資本主義再興
•民主制度演變更促使國家資本主義興盛
•國家主權基金影響力再被關注下仍持續擴大
•SF投資日益多樣性
•SF管理日趨結構化、組織化及透明化
•SF資金來源多樣化
•SF結盟、跨業結盟日趨興盛
•介入產業鏈整併及資產訂價權競爭
•介入區域性、全球性金融機構及金融話語權競爭
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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六、金融監理強度增強且範圍擴大
 金融監理功具與其他政策功具結合
 跨界、跨境監理壓力激增
 BEPS(Base Erosion and Profit Shifting)運動與金融監理結合
 洗錢及資金流動管制與金融監理結合
 反資本主義運動與金融監理結合
 金融監理引入企業刑事法制對抗金融市場巨獸
-銀行秘密行為
-反托拉斯
-非公平交易
-證券詐欺
-賄絡
-洗錢
-逃漏稅
 金融監理引入安定性預防法制
-壓力測試
-金融遺矚
-接管
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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七、金融監理法制一致化
金融法制一致化不變內涵
Transparency
Insider Beneficiary
Armed-length Controllable
Honest and Trust
Platform
-資訊平台化
-交易平台化
-軌跡平台化
-法制平台化
©2015 KPMG, a Taiwan partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Taiwan.
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©2015 KPMG, a Taiwan partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International
Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
Printed in Taiwan.
The KPMG name, logo and “cutting through complexity” are registered
trademarks or trademarks of KPMG International Cooperative (“KPMG
International”).