并购贷款新规落地：可用于参股型并购，最长期限延长至10年

Core Viewpoint - The new regulations issued by the Financial Regulatory Bureau on December 31, 2023, expand the scope of merger loans, allowing them to be used for equity mergers and optimizing loan conditions, which is expected to enhance the support for mergers and acquisitions in the market [1][3]. Group 1: Expansion of Merger Loan Scope - The new regulations allow merger loans to be used for equity mergers, with specific conditions such as acquiring at least 20% of the target company's shares in a single transaction [2][3]. - The maximum proportion of controlling merger loans to the total transaction price has been increased from 60% to 70% [6]. - The maximum loan term for controlling merger loans has been extended from 7 years to 10 years [5][6]. Group 2: Market Context and Implications - The adjustments to the merger loan management guidelines are in response to the evolving needs of the merger market, driven by policies like the "National Nine Articles" and "Merger Six Articles," which promote industrial integration and upgrading [3][4]. - The new regulations aim to facilitate the transformation and upgrading of traditional industries while fostering the growth of emerging industries, thereby enhancing the quality of financial services to the real economy [4][6]. - The implementation of these regulations is expected to increase the supply of merger funds, optimize resource allocation, and support the smooth transition between old and new development drivers [6].