并购贷款新规落地：首设参股型并购贷款，控制型贷款期限比例放宽

Core Viewpoint - The National Financial Regulatory Administration has issued a notification regarding the revised "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking the first comprehensive adjustment since the original guidelines were implemented in 2015 [1][3]. Summary by Relevant Sections Revision Highlights - The revised measures consist of 34 articles and focus on four main areas: expanding the scope of acquisition loans to include equity investments, optimizing loan conditions, setting differentiated qualification requirements for banks, and emphasizing the assessment of the acquirer's debt repayment ability [3][4]. - A significant highlight is the clear categorization of acquisition loans into two types: controlling acquisitions and equity investments, addressing the rising demand for industry consolidation and transformation through equity investments [3][4]. Loan Conditions - For controlling acquisitions, the maximum loan proportion of the acquisition transaction price has been increased from 60% to 70%, and the maximum loan term has been extended from seven years to ten years, facilitating financing for acquisition transactions [4][5]. - The introduction of equity investment loans allows banks to provide financing for transactions that do not meet control standards, with specific conditions such as acquiring at least 20% of the target company's shares in a single transaction [5]. Economic Context - The measures aim to support the transformation of traditional industries and the development of emerging industries, enhancing the effectiveness of financial services in the real economy [3][4]. - The implementation of these measures is expected to increase the supply of funds in the acquisition market, optimize resource allocation, and facilitate the smooth transition between old and new development dynamics [4].