中国日益繁荣的金融服务业的交易和筹资规模超过美国，这是自相关记录从1995年开始以来的首次，其推动因素是需要修复资产负债表的中国各银行掀起的一波再融资浪潮。
根据Dealogic的数据，今年迄今，中国金融业的交易价值达362亿美元，而美国金融业为262亿美元。
银行家们表示，交易量增加得益于中国各银行的大规模再融资行为，它们今年的重点是充实自身的资本，而非整体收购。
百仕通(Blackstone)全球顾问业务主管杜绍基(John Studzinski)表示：“中国政府对于保持银行体系的高资本充足率一直相当严格，因此，人们可能会看到金融服务公司越来越多的资本配置和再配置行为。”
2008年末，为应对金融危机，中国政府安排了一场由信贷引发的投资热潮，以提振不断萎缩的增长，2009年，中国各银行的放贷规模约为前一年新增贷款的两倍。这导致银行的资产负债表不断恶化，今年，中国各大银行宣布计划融资的总额接近4000亿元人民币(合596亿美元)。
中国资深并购银行家和分析师表示，大部分融资活动显示为交易活动，但实际上与再融资有关。例如，今年迄今，中国金融行业规模最大的交易为今年3月中国移动(China Mobile )以58亿美元购入上海浦东发展银行(Shanghai Pudong Development Bank)20%股权。
银行家将这宗交易形容为政府在“洗牌”，政府实际上命令资金充沛的国家控股企业中国移动拿出一部分巨额利润，投入国家控股的上海浦东发展银行，帮助充实后者的资产负债表。
然而，首次公开发行(IPO)数据的纳入令中国数据出现扭曲。中国农业银行221亿美元的上市就是一例。
与此同时，美国金融服务集团的交易规模下滑至自1995年以来最低的年度迄今水平。
国际律师事务所Sullivan&Cromwell并购合伙人弗兰克•阿奎拉(Frank Aquila)表示，次贷危机之后，美国金融服务业的并购活动放缓。
译者/梁艳裳
http://www.ftchinese.com/story/001034767
Deals and capital raisings in China’s booming financial services sector have outpaced those in the US for the first time since records began in 1995, fuelled by a wave of refinancings by Chinese banks needing to repair their balance sheets.
There have been $36.2bn-worth of deals in China’s financial sector so far this year, compared with $26.2bn in the same sector in the US, according to data from Dealogic.
Bankers said the increase in deal flow was being driven by large refinancings by Chinese banks as they move to shore up their capital this year, rather than full takeovers.
“The Chinese government has been rigorous and disciplined about maintaining strong capital ratios in the banking system and as a result one may see more and more capital allocation and reallocation among financial services companies,” said John Studzinski, head of Blackstone’s global advisory business.
In response to the financial crisis, Beijing ordered a credit-fuelled investment boom in late 2008 to boost flagging growth and in 2009 Chinese banks handed out roughly double the volume of new loans extended the previous year.
That led to deteriorating balance sheets and this year China’s big lenders have unveiled plans to raise a combined total of close to Rmb400bn ($59.6bn).
Senior Chinese mergers and acquisitions bankers and analysts said the bulk of the volume showing up as deal activity was actually related to this refinancing. The largest Chinese finance sector deal so far this year, for example, was the acquisition by China Mobile of a 20 per cent stake in Shanghai Pudong Development Bank for $5.8bn in March.
Bankers describe this deal as “shuffling the deck” by the government, which effectively ordered cash-rich, state-controlled China Mobile to pour some of its outsize profits into state-controlled SPDB to help shore up its balance sheet.
However, the Chinese data have been skewed by the inclusion of initial public offerings, such as Agricultural Bank of China’s $22.1bn offering.
Meanwhile, the number of deals being carried out by US financial services groups has fallen to the lowest year-to-date volume since 1995.
Frank Aquila, mergers partner at international law firm Sullivan & Cromwell, said US financial sector M&A was slow following the subprime mortgage crisis.
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