宋志平：并购重组有利于中国企业参与全球产业整合

Core Viewpoint - The introduction of new policies such as the "National Nine Articles" and "Merger and Acquisition Six Articles" marks the beginning of a new era for large-scale mergers and acquisitions in China, emphasizing the capital market's role as the main channel for these activities [1][3]. Group 1: Advantages of Mergers and Acquisitions - Mergers and acquisitions are essential for forming world-class enterprises by achieving necessary operational scale and competitive advantages [3]. - They facilitate structural adjustments and upgrades for listed companies, thereby improving their overall quality [3]. - Mergers and acquisitions support innovative companies in entering the capital market and help private equity investors achieve a closed loop of fundraising, investment, management, and exit [3]. - They enhance industry concentration, mitigate internal competition, and promote healthy industry development [4]. - Mergers and acquisitions enable Chinese companies to participate in global industrial integration, accelerating their international expansion efforts [4]. Group 2: Current Trends and Characteristics - The current wave of international expansion is characterized by a predominance of private enterprises and a focus on the manufacturing sector [4]. - Chinese companies are increasingly going global with technology, equipment, management capabilities, and brand recognition, leading to a "big outbound" trend [4]. - Two primary modes of internationalization include "greenfield investments" to establish factories abroad and mergers for international layout [4]. Group 3: Principles and Integration Post-Merger - Mergers and acquisitions should not blindly pursue scale and quantity; they must adhere to four principles: alignment with corporate strategy, clear benefits, potential for synergy, and manageable risks [4]. - Post-merger integration encompasses five aspects: business integration, organizational integration, market integration, management integration, and cultural integration, with cultural integration being particularly crucial [4].