国家发改委再出大招：研究设立国家级并购基金

Core Viewpoint - The establishment of a national-level merger and acquisition (M&A) fund is a strategic move by the government to promote innovation and entrepreneurship, signaling a shift towards market-driven M&A to enhance industrial integration and cultivate new productive forces [2][9]. Policy and Market Context - The announcement aligns with previous policies aimed at reforming the M&A market, including the "Six Opinions on Deepening the Reform of M&A and Restructuring in Listed Companies" and measures to support high-quality development of venture capital [2][3]. - Local governments are actively establishing large-scale state-owned M&A funds, with over 10 regions implementing supportive policies for M&A and fund establishment [2][3]. Structural Opportunities - The current environment presents a historic structural opportunity for M&A funds, driven by a more market-oriented listing process and the need for industrial consolidation in key sectors [4]. - Many industries face challenges of fragmentation, with numerous small companies, creating a demand for M&A to enhance competitiveness and develop leading enterprises [4]. Market Dynamics - The private equity market is evolving, with a shift from financial investors to active industry integrators, as evidenced by a significant increase in M&A activity involving private equity funds [7]. - The proportion of M&A exits in the private equity market remains low compared to developed markets, highlighting the need for improved exit strategies [5][6]. Challenges and Mechanisms - The successful operation of a national-level M&A fund requires a market-oriented and professional framework, including the establishment of a capable team for governance and integration [8]. - There is a need to define the roles and collaborative relationships between national, local, and market-driven M&A funds to create a cohesive ecosystem [8]. Strategic Implications - The proposed national-level M&A fund represents a paradigm shift towards a strategy that integrates national objectives with market operations, aiming to enhance industrial integration and competitiveness in critical sectors [9].