并购退出的理想与现实：政策托底、交易提速，真正的通路仍待打开

Core Insights - The article discusses the rising trend of mergers and acquisitions (M&A) in China's private equity market, driven by supportive policies and an increasing number of significant transactions [1][2][4] - Despite the growing interest in M&A as a means of exit for venture capital firms, the actual realization of successful M&A exits remains limited [5][11] Policy and Market Environment - The China Securities Regulatory Commission (CSRC) has introduced the "Six M&A Guidelines," which have led to a surge in M&A activities, shifting the perception of M&A from optional to essential [2][4] - There is a notable return of patient capital, with state-owned enterprises, insurance funds, and social security funds becoming the primary sources of capital for M&A funds [2][3] - The valuation framework is undergoing reconstruction, with a narrowing gap between venture capital project valuations and M&A transaction valuations due to a slowdown in IPOs and a correction in the primary market [2][3] Challenges in M&A Execution - The article highlights a significant gap between the ideal of M&A exits and the reality of transaction completion, with many firms still relying on IPOs for exits [5][11] - Structural issues contributing to this gap include the reluctance of listed companies to engage in M&A, the independent mindset of quality startups, and the underdeveloped M&A culture and intermediary ecosystem [6][7][11] - Successful M&A exits often require specific characteristics, such as clear business synergies, stable cash flows, and a willingness from founders to adjust governance structures [6][7] Future Outlook - The article emphasizes the need for a more mature M&A ecosystem in China, including improvements in valuation systems, M&A culture, and market expectations [7][10] - The growth potential for M&A funds in China is significant, but the market still lags behind the U.S. in terms of scale and maturity [3][10] - The future of M&A in China will depend on the ability of firms to navigate the complexities of transactions and create value through effective integration [11]