中证金融研究院首席经济学家潘宏胜：“并购六条”推动产业升级和高水平科技自立自强初步显现

Core Viewpoint - The implementation of the "Six Opinions on Deepening the Reform of Mergers and Acquisitions of Listed Companies" has significantly increased the activity in the mergers and acquisitions market, with over 2,100 asset restructuring disclosures in the past year, including more than 230 major asset restructurings [1] Group 1: Market Activity and Trends - The past year has seen a high level of mergers and acquisitions focused on industry integration, with over 70% of major asset restructurings aimed at industry consolidation [2] - State-owned enterprises have accelerated their mergers, accounting for about 30% of major asset restructurings, while companies in the "Two Creation" sectors have disclosed over 100 major asset restructurings, with around 80% being industry integrations [2] - Emerging industries and future industries have become key targets for mergers and acquisitions, reflecting a strategic shift towards enhancing technological innovation and industrial upgrading [2][3] Group 2: Payment Tools and Efficiency - The use of diverse payment tools has increased, with companies employing convertible bonds, acquisition loans, and acquisition funds to enhance transaction flexibility and efficiency [4] - The "Six Opinions" support the phased issuance of shares and convertible bonds as payment methods, which has led to a significant reduction in transaction time and cost [4][5] - The introduction of simplified review procedures for restructuring projects has improved the efficiency of the review process, encouraging more companies to engage in mergers and acquisitions [5] Group 3: Future Trends - The future of the mergers and acquisitions market is expected to show four major trends: increased focus on strategic emerging industries, improved resource allocation efficiency, enhanced market vitality, and stricter regulatory oversight [7] - There will be a growing trend of acquiring unprofitable but technologically advanced small and medium-sized enterprises, providing them with greater exit channels and financing options [7] - The emphasis on legal regulation and accountability for financial advisors and accountants will ensure the quality of mergers and acquisitions, protecting investor interests [7]