开源证券孙金钜：再融资储架发行制度将提升并购重组市场运行效率

Core Viewpoint - The introduction of the refinancing shelf issuance system is a significant institutional innovation aimed at optimizing the financing mechanism for mergers and acquisitions, which is expected to enhance the operational efficiency of the M&A market from multiple dimensions [1][2]. Group 1: Mechanism Design - The core advantage of the refinancing shelf issuance system is "one-time approval, multiple issuances," which alleviates the financing timing mismatch faced by listed companies during M&A processes [1]. - Companies can flexibly arrange the issuance schedule based on project progress, market conditions, and funding needs after obtaining approval, significantly improving the proactivity and controllability of capital raising [1]. Group 2: Expected Positive Effects - The system is anticipated to directly reduce the overall financing costs for enterprises, including time and compliance costs, thereby enhancing the economic feasibility of M&A projects [1]. - It will strengthen the ability of listed companies to conduct continuous and series mergers around industrial integration, particularly benefiting technology companies in achieving strategic growth through phased acquisitions [1]. - The system is expected to enhance the overall certainty of M&A transactions, shorten transaction cycles, and facilitate smoother capital flow towards emerging industries and key areas aligned with national strategic directions [1]. Group 3: Broader Implications - The introduction of the refinancing shelf issuance system is not only an important improvement in M&A tools but also a key element in enhancing the capital market's effectiveness in serving the real economy [2]. - It is likely to further stimulate market vitality, shifting M&A from a single transaction focus to supporting long-term strategic layouts and industrial ecosystem construction for enterprises [2]. - This change will reinforce the capital market's role in optimizing resource allocation and promoting industrial structure upgrades [2].