嬗变中的并购市场:从“跷跷板”到新循环  

The Evolving Mergers and Acquisitions Market:From a“Seesaw”Pattern to a New Cycle

作　　者：刘晓丹 Liu Xiaodan

机构地区：[1]晨壹基金管理(北京)有限公司,北京101318

出　　处：《证券市场导报》2024年第11期3-10,48,共9页Securities Market Herald

摘　　要：长期以来,我国资本市场的并购和IPO活动呈现此消彼长的“跷跷板”模式,其实质是由于过去资本市场存在证券化红利,并购更多地扮演着“后门上市”的替补角色。本文通过梳理全球主要市场的并购发展历程,结合中国经济发展周期、企业微观治理、资本市场生态等因素的变化,提出并购的本质是企业竞争的高阶形式,当下并购应当转向成为上市公司寻求成长的重要手段和资本市场新陈代谢的主要工具。本文同时总结了活跃并购市场的制约因素,包括估值、并购标的、并购退出、交易参与各方、舆情影响。基于上述发现,本文提出了并购市场下一步发展的启示和建议,包括转变理念,在差异化审核、便利支付方式、大小非减持、新型交易类型、并购基金发展等方面打通堵点。For a long time,China’s capital market has exhibited a“seesaw”pattern,alternating between mergers and acquisitions(M&A)activities and initial public offerings(IPOs).This unique dynamic is rooted in shareholders’pursuit of securitization benefits that previously existed in the capital market,with M&A primarily serving as a“backdoor listing”alternative.By reviewing the development trajectory of M&A in major global markets and considering changes in factors such as China’s economic cycle,corporate governance practices,and the capital market ecosystem,this paper proposes that M&A essentially represents a higher form of corporate competition and should now become a key tool for listed companies to pursue growth and a primary mechanism for the capital market’s renewal.The article also summarizes the constraints of promoting the M&A market,including valuation,M&A targets,exit channels,various market participants,and the impact of media coverage.Based on these key factors,the article provides suggestions and recommendations for further developing the M&A market,including changes in the understanding of transactions and addressing bottlenecks in areas like tiered regulatory approach to approval,facilitating payment methods,changes to the lock-up periods of various types of shareholders,novel transaction structure,and development in M&A funds.

关 键 词：并购重组 资本市场 制度优化 

分 类 号：F832.51[经济管理—金融学]