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【原文標題】China: To the money born
【原文鏈接】http://www.ft.com/cms/s/0/e3e51a48-3b5d-11df-b622-00144feabdc0.html
【譯者聲明】原創翻譯，轉載請註明出處
【正文】
Children of the revolution: youths featured in a 1970s propaganda poster. More recently, China』s 『princelings』 have been at the vanguard of the financial industry
革命的孩子：1970年代宣傳畫中的青少年。最近幾年來，中國的「太子黨」沖在了金融行業的先鋒。
China: To the money born
中國：生即為錢
By FT Reporters
英國《金融時報》記者綜合報道
Published: March 29 2010 22:37 | Last updated: March 29 2010 22:37
發表於：2010年3月29日22:37 ‖最新更新於：2010年3月29日22:37
New Horizon Capital is one of the most influential and successful participants in China』s fledgling private equity industry. It has billions of dollars under management and a stable of investors that includes Deutsche Bank, JPMorgan Chase, UBS and Temasek, Singapore』s sovereign wealth fund. But you would not guess any of that from its central Beijing headquarters.
新天域資本是中國新出現的私募股權投資基金業中最具影響力和最成功的企業之一。它管理著數十億美元的資產，並有一批穩定的投資者，比如：德意志銀行、摩根大通集團、瑞銀集團、以及新加坡主權財富基金的淡馬錫控股等。不過你在其位於北京市中心的公司總部卻難以察覺到這些赫赫身價。
The company has no nameplate in the lobby of the Golden Treasure Tower, a nondescript building near the Forbidden City, the traditional seat of imperial power. Its simple 12th floor offices are identified only by a small sign inside the door that reads, in Chinese, 「New Horizon Growth Investment Advisory Limited」.
在座落在紫禁城附近的普普通通的金寶大廈大堂里沒有這家公司的標識牌，這裡是曾經的皇權所在地。僅在其位於該大廈第十二層的辦公室門上有一個中文的小標識，「新天域成長投資諮詢有限公司」
The company does not need flashy suites as it has one of the most valuable assets in China. He is Winston Wen, an MBA from Northwestern University』s Kellogg business school in the US who keeps a low profile and bears a striking resemblance to his father – Wen Jiabao, premier of the People』s Republic of China.
這家公司不需要華而不實的門面，因為它自己就擁有中國最有價值的資產。他就是溫雲松（Winston Wen），一名美國西北大學凱洛格商學院的工商管理碩士，他為人保持低調，長相酷似其父，中國總理溫家寶。
The younger Mr Wen and New Horizon are in the vanguard of a more aggressive generation of taizidang (「princelings」) – offspring of senior Communist party officials – who dominate the burgeoning home-grown private equity industry, where huge profits are to be made from restructuring state assets and financing private companies.
這位年輕的溫先生和新天域公司是太子黨中更為強勢的先鋒代表，（太子黨是指共產黨高官的後代）他們控制著迅速成長的本土私募股權投資基金行業，他們通過重組國家資產和為私有公司提供融資而獲得巨大利益。
In 2009 private equity deals in China totalled $3.6bn, accounting for one-third of all such transactions in the Asia-Pacific region, according to Thomson Reuters. But industry participants say the potential market is far larger.
據湯姆遜•路透公司統計，2009年中國的私募股權基金交易達到36億美元，占亞太地區交易量的三分之一。不過業內人員說潛在的市場更大。
According to those working in the sector, the princelings』 ascendance is squeezing out less well connected operators, including foreign firms, which might have important consequences for two reasons. First, private equity could play an important role in modernising the economy, channelling funds to promising but capital-starved companies – but those benefits will be felt only if the industry is run in a professional and competitive manner.
據業內人士說，太子黨的主導優勢將那些關係網不夠強大的公司排擠出去，包括外國公司，這可能產生嚴重後果，原因有二。第一，私募股權可能在經濟現代化過程中扮演一個重要角色，為那些資金缺乏但富有前景的公司提供融資渠道，但是這些益處只有在該行業以一種專業的競爭性的情況下運作，才能得以顯現。
Second, some in the political establishment fear that princeling dominance of private equity could exacerbate public perception of nepotism and misrule at the top of the Communist party. In an opaque authoritarian system lacking the popular legitimacy of a democracy, such fears are hard to dismiss. A recent online opinion poll by the People』s Daily, the party』s official mouthpiece, found that 91 per cent of respondents believe all rich families have political backgrounds.
第二，一些當權者擔心太子黨主導私募股權行業，可能加重公眾對中共高層暴政和裙帶關係的印象。在一個不透明的專政體制下，缺少民主的公眾合法性，這樣的擔心難以消退。共產黨的喉舌《人民日報》的最近一個在線民調顯示，91％的參與者相信所有的富有家族都有政治背景。
In an interview with the same newspaper, the former auditor-general said the fast-growing wealth of officials』 children and relatives 「is what the public is most dissatisfied about」. Li Jinhua, widely respected as the senior graft-busting official between 1998 and 2008, told the paper this month: 「From the numerous cases currently coming to light, we can see that many corruption problems are transacted through sons and daughters.」
在該報的另一個專訪中，前審計署審計長李金華說，官員子女和親屬快速增長的財富「是公眾最不滿意的」。他在1998年到2008年期間做為高級反貪腐官員廣受尊敬。本月他在該報中談到：「從目前曝光的眾多案件來看，我們可以看到許多貪污問題都是通過他們的兒子和女兒們來操作的」。
Many of the elite』s children are western educated and, over the past 15 years, dozens have been recruited by western companies and banks hoping to secure an entry into the Chinese market and win mandates to take state-owned companies public in New York or Hong Kong. As most foreign investors know, employing the relative of a senior party leader as an adviser or employee can help cut through bureaucratic obstruction and resistance from local interest groups.
許多精英的兒女都接受了西方教育，在過去的15年間，許多也被西方的公司或銀行僱用，希望能確保進入中國市場，並贏得承銷國有企業在紐約或香港上市的授權。大多數投資者都知道，僱用一名高官的親屬成為一名顧問或僱員，能幫助打破官僚體制的障礙，降低地方利益集團的阻擾。
But today those institutions and investors are scrambling to invest in the private equity funds of princelings who would once have been on their payroll. 「In the past, the best option for these people with 『background』 was to go to the high-paying western investment banks but now the economic strength has shifted,」 says one person in the private equity industry, asking not to be named because of the sensitivity of the topic. 「Now they』re saying to the foreigners, 『Hey, I』m in the driving seat, I have all the deals – so you give me your money and I』ll invest it myself and take a big cut』.」
但是現在許多機構和投資者正爭搶著去投資曾經為他們打工的太子黨的私募股權基金。「在過去，這些有「背景」的人的最好去處就是去高薪的西方投資銀行，但是現在經濟增長已經發生改變了，「一名因為話題敏感而不願透露姓名的私募股權行業的人士說。「現在他們對外國人說，『嘿，我現在掌舵了，生意都在我手下，所以你給我錢，我自己去投資拿大頭』。」
Prominent private equity princelings include George Li, a former banker at Merrill Lynch and UBS with an MBA from the Sloan School of Management at the Massachusetts Institute of Technology, whose father, Li Ruihuan, was one of the country』s senior leaders from the late 1980s until 2003. Another son, Jeffrey Li, recently resigned as China head of Novartis, the pharmaceuticals group, to go into private equity, according to people familiar with the matter.
令人矚目的私募股權太子黨還有李振智（George Li），他是美林證券和瑞銀集團的銀行家，畢業於麻省理工學院斯隆管理學院的工商管理碩士，其夫是八十年代後期至2003年中國的高級領導之一李瑞環。他的另一個兒子李振福（Jeffery Li）最近剛從諾華製藥中國區總裁職務上離職，據熟悉此事的人透露，他將進入私募股權基金行業。
Wilson Feng, who bankers and private equity investors say is the son-in-law of Wu Bangguo – officially second in the party hierarchy – left Merrill Lynch two years ago to launch a fund with ties to the state-owned nuclear energy conglomerate, according to media reports and people familiar with the matter. Mr Feng was key to securing Merrill』s mandate to take Industrial and Commercial Bank of China public in Hong Kong in 2006 in the biggest initial public offering in history.
據業內銀行家和私募股權投資者說，Wilson Feng是中國黨內第二把手吳邦國的女婿，他兩年前離開了美林證券，創立了一個與國有核電集團聯繫的基金。根據相關媒體報道和熟悉此事的人士說，Feng先生是確保美林證券拿到中國工商銀行在香港2006年上市委託的關鍵人物，那是歷史上最大一筆新股初始公開發行（IPO）。
Other private equity princelings include Li Tong, daughter of Li Changchun, the member of the nine-strong ruling Politburo standing committee in charge of propaganda and the media. Ms Li now runs a private equity fund at Hong Kong-based Bank of China International focusing on the media sector, according to three people familiar with the matter. Stanford-educated Jeffrey Zeng, son of Zeng Peiyan, former vice-premier, has also set up a fund affiliated with state-owned financial institutions.
其他投身於私募股權的太子黨還有李彤（Li Tong），她父親是九名中央政治局常委之一，負責宣傳和媒體的李長春。據熟悉此事的三位人士介紹，李女士現在負責香港中銀國際下的一家私募股權基金，專註於媒體領域。斯坦福大學畢業的Jeffrey Zeng是前副總理曾培炎的兒子，也已經創建了一家隸屬於國有金融機構的基金。
「This is turning into a crucial moment for the financial industry in China,」 says the head of a foreign bank in Beijing. 「But we are very worried that foreigners and other skilled Chinese are being shut out by a string of princelings and other very well-connected people trying to dominate [the private equity] market.」
一家在北京的外資銀行負責人說：「這必將是中國金融業的一個關鍵階段，」「但是我們非常擔心外國人和其他富有才華的中國人會被太子黨和其他富有關係的人擋在這個市場之外，而他們試圖主宰這個私募股權市場。」
The government has been encouraging the creation of a home-grown private equity industry in recent years but approvals to set up funds are tightly controlled and investments often require them from numerous state agencies. Having the relative of a top leader in its management team can help fledgling funds overcome these hurdles.
中國政府近些年來鼓勵創建本土的私募股權基金行業，但是批准設立基金受到了嚴格管控，通常這些投資需要滿足各種國家機構的要求。如果有高層領導的親戚在管理層的話，就可以幫這些羽翼未豐的基金克服這些障礙。
Princelings have long been suspected of leveraging parental political power for personal gain; the topic was a source of public anger during the 1989 Tiananmen Square student protests that ended in a bloody military crackdown. But Beijing political insiders say two men led the way for the ambitious new generation, fostering the modern perception of close ties between money and political power.
太子黨長期被懷疑利用他們父輩的權利謀取個人利益；這個話題曾經激起公眾憤怒引發1989年天安門廣場的學生示威，那場示威最終演變成一場流血軍事鎮壓。但是北京的政界人士說，有兩個人為這個雄心勃勃的新一代做了榜樣，培育出現代版的權錢結合樣本。
Levin Zhu, son of former premier Zhu Rongji, and Jiang Mianheng, son of former president Jiang Zemin, are familiar to many foreign investors, having worked for or set up joint ventures with several large western companies. Their fathers helped push through some of the past two decades』 most important market-based reforms, including World Trade Organisation membership.
前總理朱鎔基的兒子朱雲來（Levin Zhu）和前國家主席江澤民的兒子江綿恆，對於許多外國投資者來說都很熟悉，他們曾效力於或與幾個大型西方公司設立聯合企業。他們的父親協助推進了在過去二十年間最重要的幾項市場改革，包括加入世界貿易組織（WTO）。
Mr Zhu has a PhD in meteorology from the University of Wisconsin-Madison. Following a stint at Credit Suisse First Boston in New York, he returned to China in the late 1990s and orchestrated a virtual takeover of China International Capital Corp, a joint venture in which Morgan Stanley holds about 34 per cent.
朱先生擁有美國威斯康星大學麥迪遜分校的氣象學博士學位。在紐約的瑞士信貸第一波士頓工作了一段時間后，他於九十年代後期回到中國，精心策劃了對中國國際金融有限公司實質接管，成立了一家合資企業摩根斯坦利持有其中34％的股份。
Mr Jiang boasts a PhD in electrical engineering from Drexel University in Philadelphia. Returning to Shanghai in the early 1990s he was courted by foreign investors who saw him as the country』s most valuable joint venture partner. Today, he controls Shanghai Alliance Investment Limited, a government investment company operating much like a private equity firm.
江先生號稱擁有費城德雷塞爾大學的電子工程博士學位。在九十年代早期回到中國后，他受到了外國投資者的親睞，因為他們認為他是這個國家最有價值的合作夥伴。如今，他控制著上海聯合投資有限公司，一家與私募股權基金運作十分相似的政府投資公司。
With their parents both out of formal office since 2003, the influence of Mr Jiang and Mr Zhu has waned. But as children of the 「third generation」 of technocratic leaders, they are seen to have paved the way for the current wave of princelings. 「Those two really helped create the image of Red families running this country for their own benefit,」 according to one person who deals closely with many princeling families. 「Their actions have given all the younger generation a green light to go out and aggressively build their own buckets of gold, no matter what the consequences for the image of the party or the leadership.」
隨著他們父輩2003年卸任后，江先生和朱先生的影響力逐漸降低。不過作為這些技術專家出身的「第三代」領導人的後代，他們被看作為當前的太子黨熱潮鋪平了道路。「這兩人確確實實給人留下一個印象，紅色家庭治理國家是為了自己的利益，」據一位與許多太子黨交往的人士說。「他們的舉動給所有的年輕一代大開綠燈，就是努力去挖金子裝到自己的桶子里，哪管對黨或領導人的形象會造成什麼後果。」
By squeezing out foreigners and other competition, dominance of the private equity sector by princelings will bring few benefits in terms of management skills or financial discipline, some analysts and industry participants say.
一些分析人士和該行業的從業人員說，隨著擠壓外國人和其他競爭者，太子黨掌控的私募股權將不會給行業管理水平和金融紀律帶來多大的好處。
「Private equity is a very good area for princelings because with these sorts of connections you can get into companies ahead of their IPOs and make a lot of money in a short space of time,」 says Professor Victor Shih of Northwestern University. 「It is an easy way to make money because everyone will be willing to back them because of their connections. Everyone will do it willingly in order to potentially get favours from senior leaders in return.」
「對於太子黨來說，私募股權是一個非常好的領域，因為由於你種種關係，你能在公司公開發行股票前進入該公司，在短時間內大賺一筆，」 美國西北大學教授史宗翰（Victor Shih）說。「這很容易掙錢，因為他們的關係人人希望以他們為靠山。每一個人這麼做就是希望從高層領導那裡得到潛在的好處。」
People close to several private equity princelings say they often feel they are victims of reverse discrimination; that no matter how smart or hard-working they are, the public will assume their success relies purely on nepotism. However, some important operators in the Chinese sector, while benefiting from family links, are seen in the industry as well qualified in their own right. One such person is Liu Lefei, son of Liu Yunshan, head of the party』s central propaganda department. The younger Mr Liu previously managed Rmb1,000bn ($147bn; |
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