During the year, 459 mergers and acquisitions have occurred in the A-share market——
The pivotal role of the capital market is increasingly emerging
Our reporter Peng Jiang
With the gradual improvement of the basic system of the capital market, mergers and acquisitions in the current A-share market have continued to be active, and the capital market has increasingly played a pivotal role in resource allocation.
According to statistics from Flush iFinD, as of February 26, there were 459 mergers and acquisitions in the A-share market during the year, involving a capital scale of 100.7 billion yuan.
Promote enterprises to become better and stronger
"M&A and restructuring are gradually picking up in the A-share market, and have become an important financial means for corporate financing and resource integration. Mergers and acquisitions, as an important means of direct financing, can better integrate resources through market-based methods, and promote the economy with finance. , drive the transformation and upgrading of the industrial chain, and promote the high-quality development of the real economy." said Tian Xuan, deputy dean of the PBC School of Finance, Tsinghua University.
Tian Xuan said that my country's economy is currently facing the triple pressure of demand contraction, supply shock, and weakening expectations. At the same time, the external environment is complicated and there is a dislocation of the Chinese and foreign policy cycles.
In this context, mergers and acquisitions and reorganizations will better help companies adjust their asset-liability structures, accelerate the clearance of outdated production capacity, revitalize existing assets, and improve the quality of corporate development.
While stabilizing economic growth, we should promote the reform of economic growth model.
From the perspective of industry distribution, among the above 459 mergers and acquisitions, machinery equipment, pharmaceutical biology, power equipment and other industries are at the forefront, with 53 cases, 50 cases and 41 cases respectively.
Chen Li, chief economist of Chuancai Securities, said that mergers and acquisitions will help companies become better and stronger.
Mergers and acquisitions can integrate upstream and downstream enterprise resources, achieve optimal allocation of resources, form economies of scale, reduce corporate costs, and improve product quality; reorganization can eliminate outdated production capacity, inject high-quality assets, and make enterprises more viable.
Experts believe that under the background of economic structural transformation and industrial upgrading, the high-end manufacturing industry is expected to maintain a high prosperity for a long time in the future.
It is expected that in the future, mergers and acquisitions in the "specialized, specialized, and new" field represented by high-end manufacturing will remain active, and related companies are expected to continue to grow with the help of the capital market.
"From the overall trend, the recent mergers and acquisitions are more closely integrated with the industrial chain, and they pay more attention to empowering the development of the real economy. They are more rational and pay great attention to the effectiveness of mergers and acquisitions. Under strict supervision, the overall plan of mergers and acquisitions will test the strategy of enterprises. Vision. The transformation and upgrading of my country's industrial structure is becoming more and more critical, and there are considerable development opportunities in the field of high-end manufacturing. At present, manufacturing companies account for more than 60% of new mergers and acquisitions this year. Mergers and acquisitions can make up for the intelligence of traditional enterprises. It will drive the industry to expand into emerging fields and promote economic innovation and development." Tian Xuan said.
release institutional dividends
The gradual improvement of the M&A and reorganization system in the capital market is conducive to accelerating the market-oriented reform and provides a solid foundation for the development and growth of enterprises through M&A and reorganization.
The capital market should become a hub for promoting technological innovation and the transformation and upgrading of the real economy.
The China Securities Regulatory Commission stated that in order to further play the role of the main channel for mergers and acquisitions in the capital market, taking the revision of the Securities Law and the reform of the registration system as an opportunity, it will further promote the market-oriented reform of mergers and acquisitions, continue to stimulate and release market vitality, and solidly promote the reform of the registration system for mergers and acquisitions. .
In the first half of last year, the Shanghai and Shenzhen Stock Exchanges have set up M&A and Restructuring Committees, revised supporting systems, and established independent audit departments.
In the next step, the CSRC will continue to implement the policy of "system establishment, non-intervention, and zero tolerance", continuously optimize the regulatory mechanism for mergers and acquisitions, and promote the overall improvement of the quality of listed companies.
In order to make better use of the M&A and restructuring tools in the capital market, at the end of November last year, the Office of the Leading Group for the Promotion of the Development of Small and Medium-sized Enterprises of the State Council issued the "Notice on Several Measures to Enhance the Competitiveness of Small and Medium-sized Enterprises", which clearly aimed to enhance the competitiveness of small and medium-sized enterprises and encouraged small and medium-sized enterprises. Connect with the capital market through mergers and acquisitions.
The "Guiding Opinions on Promoting the High-Quality Development of the Iron and Steel Industry" issued by the Ministry of Industry and Information Technology and other three departments a few days ago highlighted the promotion of corporate mergers and reorganizations.
Flush iFinD data shows that among the M&A transactions in the A-share market this year, state-controlled listed companies accounted for about 30%.
Tian Lihui, Dean of Nankai University's Financial Research Institute, said that state-owned enterprises are the backbone of my country's economy, and state-owned enterprise mergers and acquisitions can promote the strategic optimization of the industrial structure and promote professional integration with synergies.
State-owned enterprises should actively promote marketization, transfer of control rights, and mergers and acquisitions to enhance corporate value.
"With the gradual deepening of capital market reform and the improvement of the delisting mechanism, support policies related to mergers and acquisitions have been continuously introduced and improved. This year, when the three-year reform of state-owned enterprises comes to an end, mergers and acquisitions will play a more important role in supporting the continuous reform of state-owned enterprises. role." Tian Xuan said.
Say goodbye to sham restructuring
"M&A and reorganization is an important starting point for my country's supply-side structural reform and industrial structure optimization. However, it is necessary to guard against financially manipulated pseudo-mergers and prevent market value management through mergers and acquisitions." Tian Lihui said that successful and effective mergers and acquisitions cannot be achieved without sound Legal system, open and transparent information disclosure and fair and reasonable pricing mechanism.
"For the future high-quality development of Chinese companies, mergers and acquisitions are very important. There is a higher focus on the information disclosure of A-share companies and the effect of substantial restructuring. For investors and intermediaries, both need Objective cognition and continuous improvement of professional investment level." Chen Li said that mergers and acquisitions have always been the key areas of investment banking business, requiring high professional capabilities of investment banks. With the continuous increase in the number of mergers and acquisitions and the implementation of regulatory policies, the current The number of flickering reorganizations and complete cross-sector reorganizations between enterprises is decreasing.
There are more and more restructuring businesses specializing in the upper, middle and lower reaches of the industrial chain, which is also a reflection of the high-quality development of mergers and acquisitions.
Yang Delong, chief economist of Qianhai Open Source Fund, believes that mergers and acquisitions are a way for listed companies to enhance their competitiveness and become bigger and stronger.
Companies can improve their competitiveness through mergers and acquisitions.
However, listed companies should not be blind when implementing mergers and acquisitions. They need to consider the development prospects of the industry in which the company is located, whether the price of the merger is appropriate, and whether the merger is beneficial to the development of the company and other factors.
Tian Lihui believes that it is necessary to optimize the details of the rules for mergers and acquisitions of listed companies and promote the orderly flow of capital.
"It is necessary to encourage real mergers and acquisitions with synergistic effects, and improve the efficiency of merger review. Promote the A-share merger and acquisition market to become a merger and acquisition platform that optimizes resource allocation and maximizes industrial synergy. Opportunities for epitaxial growth and leapfrog development." Tian Lihui said.