并购业务为什么难做？看了这篇就知道了

Core Viewpoint - The number of IPOs in A-shares for 2024 reached only 100, marking the lowest in a decade. In response to tightened IPO regulations and frequent merger policies, many companies are shifting towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections M&A Practical Manual - The "M&A Practical Manual" consists of 342 pages and 173,000 words, covering 11 chapters that outline operational key points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A [3]. Overview of Capital Operations - The manual includes sections on the purposes of M&A, types of restructuring, payment methods, financing arrangements, and operational processes, providing a comprehensive overview of capital operations [4]. Due Diligence - Due diligence is emphasized, detailing the objects, principles, and methods involved, as well as common issues encountered during the process [4]. Financial Norms - The manual discusses the importance of assessing the financial viability of potential sellers, highlighting that many M&A failures stem from information asymmetry and poor communication [10][11]. Negotiation Techniques - Negotiation strategies are crucial in M&A, with the manual providing insights on preparation, tactics, and common pitfalls during negotiations [25]. Case Studies - The manual includes numerous case studies to illustrate various M&A scenarios, such as offer acquisitions, agreement acquisitions, and management buyouts, enhancing understanding of practical applications [27][29]. Integration Post-M&A - The final chapter focuses on the execution of integration post-M&A, sharing experiences and strategies for merging teams, businesses, and cultures effectively [30].