Page 15 - CCFA Journal - Fifth Issue

并购 M&A 加中金融

-Private Equity (PE): Although PE firms took a little longer to - 私人股本(PE):虽然私募股权投资公司花了一段时间后
get going after the COVID-19 outbreak – due to the chaos in COVID-19 开始爆发——由于信贷市场的混乱——2020 年，
the credit market – they have more than made up for lost time 赞助商支持的并购活动占并购活动总量的 26%，这一比例
with sponsor-backed transactions comprising 26% of overall 是全球金融危机爆发以来最高的。。到 2020 年底，金融
M&A activity in 2020, the highest proportion since before the 保荐人拥有的可用资本达到创纪录的 2.9 万亿美元，这一
global financial crisis. By the end of 2020, financial sponsors 巨额资金可能预示着大规模的杠杆收购或其他交易，这
were sitting on a record $2.9T of available capital, and this 些交易可以将上市公司私有化，保荐人将能够以越来越
sheer amount of dry powder could portend sizeable leveraged 创新的方式配置资金。收购公司支出最高的四个季度中，
buyouts or other transactions that can take publicly traded
companies private, with sponsors being able to deploy capital 有两个出现在 2020 年第四季度和 2021 年第二季度。这些
in increasingly innovative ways. Two out the four highest- 昂贵的私有化交易，加上几笔价值数十亿美元的分拆交
spending quarters by buyout shops have come in Q4 2020 and 易，推动私募股权交易总额在上季度超过 500 亿美元。
Q2 2021. The pricey take-privates, along with several -风险投资(VC)退出:曾经罕见的“独角兽”交易已经成
multibillion-dollar carve-outs, helped push the total value of PE 为普遍现象。在 2002 年至 2012 年期间，风投支持的创业
deals last quarter above $50B.
公司平均每年只有一次销售额超过 10 亿美元。截至 2021
-Venture Capital (VC) exits: The once-rare 'unicorn' transaction 年 6 月，部分得益于 SPAC 活动的增加，约有 74 家初创企
has become common place. Between 2002 and 2012, $1B+ 业的退场金额超过了 10 亿美元。以这样的速度，风投今
sales of venture-backed startups only happen once a year on 年通过并购所获得的流动性将超过 2012 年至 2020 年的全
average. As of June 2021, thanks partially to an increase in 年。
SPAC activities, around 74 startups have booked billion-dollar
plus exits. At this pace, VCs will see more liquidity through 估值已升至前所未有的水平
M&A this year than they did during the entire 2012 to 2020 随着各种类型的交易以破纪录的估值出现，数十亿美元
period.
的收购已成为每天都在发生的事情。所有这些惊人的支
Valuations have increased to unprecedented levels 出大大推高了新收购的价格。2021 年 4 月，非 spac 买家

With transactions of all types occurring at record breaking 支付的平均估值为 6.1 倍的跟踪销售额，而此前他们支付
valuations, billion-dollar acquisitions have become an 的从未超过 4 倍。
everyday occurrence. All of this breakneck spending has 在金融收购者中，估值通胀更为明显，他们曾以低于市
significantly pushed up the prices of new acquisitions. In April 场市盈率的价格而闻名。私募股权公司不得不在一个不
2021, non-SPAC buyers have paid an average valuation of 6.1x 断被哄抬的市场上支付更高的价格，2021 年第二季度，
trailing sales, where previously they had never paid more than 私募股权公司支付的平均估值是过去销售额的 8.8 倍，大
4x trailing sales.
约是之前任何季度的两倍。
The valuation inflation is even more pronounced among
financial acquirers, which once had a reputation of paying
below-market multiples. PE firms have to pay ever higher
prices in a market that is continually being bid up, with shops
paying an average valuation of 8.8x trailing sales in Q2 2021,
which is about twice as much as compared to any prior
quarters.

Figure 4 Median Tech M&A Price/Trailing Sales Multiples (excl. SPACs)

CCFA JOURNAL OF FINANCE October 2021
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