Goheal：从拼资源到拼治理，新政下上市公司资本运作的方向彻底变了？

Group 1 - The core viewpoint of the article emphasizes the shift in capital market dynamics from resource acquisition to governance capability, indicating that effective governance is now a prerequisite for long-term success in capital operations [1][4][7] - The past decade was characterized by a "resource arms race," where companies that acquired more assets quickly gained market value, but this approach has become outdated as regulatory scrutiny increases [5][6][10] - The new paradigm requires companies to demonstrate their ability to manage and integrate resources effectively, with governance becoming as critical as financial metrics in evaluating corporate performance [7][11][14] Group 2 - The article highlights that governance is no longer a backend concern but has become a front-end value amplifier, essential for capital success [14][16] - A case study from Goheal illustrates the importance of prioritizing governance integration in mergers and acquisitions, leading to successful outcomes and positive market reactions [12][13] - The changing landscape of capital operations demands companies to focus on structural strength, governance capability, and integration ability, rather than merely speed and resource accumulation [18][20]