The word M&A has very rich connotations，According to the most common、In the most popular definition，They are two business entities，The process of becoming a business entity through various forms。As China’s economic development enters a new stage，Market factors are about to face a reshuffle，An era of big mergers and acquisitions is coming！

From a macro perspective，M&A is an important starting point for supply-side reform。my country’s economic development has entered a period of switching between old and new driving forces，Facing a serious "supply dislocation" problem，That is, overcapacity in mid- to low-end manufacturing and high-end manufacturing、Coexistence of insufficient supply in the service industry。The Central Financial and Economic Leading Group proposed “supply-side reform” in a targeted manner，Said “while moderately expanding aggregate demand，Focus on strengthening supply-side structural reform，Strive to improve the quality and efficiency of the supply system，Enhance the driving force for sustained economic growth”。The economic theory of supply-side reform puts forward five key tasks: "Removing overcapacity、Destock、deleveraging、Reducing costs、Fix for weaknesses”。And among them, overcapacity reduction、Destock、Three key tasks to address weaknesses，All can be solved through corporate mergers and acquisitions。

Many industries in China have overcapacity、Excess inventory problem，Some high-end industries have strong demand，But domestic production capacity is difficult to supply，This means that China’s mergers and acquisitions in the future will generally 188bet sports betting app download follow two main lines: excellent companies will continue to integrate excess production capacity by acquiring backward companies，Improve the overall efficiency of economic development；Capable companies through mergers and acquisitions，Especially through international mergers and acquisitions to improve its high-end production capabilities，Meet the increasingly abundant high-end needs in China。Look now，The development trend of China’s economy is stable，But it is difficult to achieve rapid growth again in the short term，So structural upgrading and intensive farming of economic development are the main forces supporting future economic development。Mergers and acquisitions are an important way to upgrade industries and allocate resources to generate new driving forces for economic growth，will definitely be used more widely。

So，In 2016，We can judge with great confidence,In order to realize the merger and acquisition of "integrating excess production capacity" and "meeting high-end demand"，In particular, overseas mergers and acquisitions will become the mainstream of the M&A market。

Microscopic view，M&A has become a quick way to build an “ecosystem” enterprise。Now，With the popularity of the Internet economy，More and more “ecosystem” companies are emerging。A large company needs to quickly build its own ecosystem，A group of people with unified values ​​must be formed in a short period of time、Companies that act collaboratively provide customers with a full range of comprehensive services。These companies rely on each other，Mutual support，Comprehensively occupy all aspects of the value chain through division of labor and cooperation on the large platform of the parent company。The advantage of doing this is，A large ecosystem can accommodate a richer range of business formats and provide customers with more comprehensive products and services，It can also exclude major competitors from the "ecosystem"。

To quickly establish a complete ecosystem，A large company continues to initiate mergers and acquisitions，It is a very quick way。And among those with a high degree of marketization、A strategic emerging industry with huge development potential，Large enterprises with capital advantages、Listed companies will become M&A initiators，Those small businesses with technical advantages or operating characteristics will become the main targets for mergers 188bet app download and acquisitions。This will definitely enable better integration of resources，Form a win-win situation。At the same time，Mergers and acquisitions will also be an important way of capital competition and compromise。In the modern service industry，Many “B2C” and “O2O” business formats，They all compete using the strategy of "relying on large amounts of capital to quickly gather customers and seize the market"。Such an approach is doomed to make it difficult to make a profit in the short term，But the ultimate goal of capital is to make money，Companies supported by different capitals are constantly "shopping" in the same market, which is definitely not a long-term situation。When it is difficult to tell the winner，There will be rapid mergers of competitors。When the performance of the secondary market is not expected to be ideal，There will definitely be more companies choosing to merge。There will definitely be more companies choosing to merge，What is behind this is the change in the relationship between capital competition and compromise。

So，In 2016 we will definitely see more corporate mergers and acquisitions occurring in highly market-oriented industries、An industry with huge development potential，For example, energy saving and environmental protection industry、In Internet-related industries。Capital competition and compromise will also further optimize market resources，This is reflected in the fact that large companies will continue to optimize their own leading ecosystem through mergers and acquisitions，With new technology、New model of small business、The new team will also reflect its own value；Similar in strength、Companies with similar market shares will also redefine the competitive situation through mergers and acquisitions。

Looking at it from home，Mergers and acquisitions will become an important means of reforming state-owned enterprises。Long time，Many large state-owned enterprises in my country have the same business fields，Similar industrial chain configuration，Duplicate investment leads to overcapacity、Inefficiency、Problems such as insufficient profitability are very prominent。On the economic upswing，In case of strong demand，These problems can also be masked by profit figures，But under the huge pressure of the current economic downturn，my country’s state-owned enterprise reform，It is even more urgent to improve the 188bet app efficiency of state-owned enterprises。And through marketization，Let the resources in the hands of state-owned enterprises be allocated more rationally，is a path that must be relied on。To achieve resource reconfiguration，M&A is a very fast way。For the reform of state-owned enterprises，There are two principles that cannot be lost: First, the dominant position of state-owned capital cannot be lost；The second is that the use of market means to allocate resources cannot be lost during the reform。So it must be emphasized that mergers and acquisitions of state-owned enterprises must adhere to the method of allocating resources through the market，Must adhere to mixed ownership reform。Specifically in the process of mergers and acquisitions，We can see some industries with overcapacity，Different state-owned enterprises must accelerate mergers and acquisitions，This is a process of reducing overcapacity，It is also a process of introducing new non-public ownership factors through the market to improve efficiency。

So，In 2016, there will inevitably be a “year of large-scale state-owned enterprise mergers and acquisitions”，We will see more large-scale state-owned enterprises become "giant" state-owned enterprises through mergers, acquisitions and reorganizations，Only one or two core companies in key areas will remain。This is the trend of state-owned enterprise reform，It is also inevitable for economic development。What I expected was，In this round of reforms, more participation in the non-public economy can be reflected，Let more market entities share the dividends of this round of reform。

International view，Overseas mergers and acquisitions are an important way for domestic enterprises to upgrade their industries and allocate assets。1980s，Japan, the world’s second largest economy，Started a wave of global mergers and acquisitions。According to the laws of economics，After China became the world’s second largest economy in 2011，The pace of overseas mergers and acquisitions by Chinese companies is also accelerating year by year。2016 is not the first year of overseas mergers and acquisitions by Chinese companies，But it will definitely become an “acceleration year”。Currently，China’s overseas mergers and acquisitions will mainly be carried out along the two main lines of industrial upgrading and asset allocation。This asset allocation is a broad asset allocation，Including the purchase of overseas companies to enter the international market。

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The production capacity of many domestic industries is currently difficult to meet such a huge amount，At the same time, the demand for high-end consumers is growing rapidly。This forces domestic companies to find a way to quickly upgrade their industries，Keep the strong “new demand” in the country，Instead of releasing to overseas markets。Conduct cross-border mergers and acquisitions to obtain advanced foreign technologies，Domestic industrial upgrading has become an inevitable choice。Many countries have strong innovation capabilities，Fast iteration of business model，But their good technology and good model are difficult to make enough profits in the country，And the fundamental reason is that the domestic population is too small，Population density is too low。And China has a huge market，Just enough to make up for this problem，Turn good foreign technologies and good models into profitable enterprises。It’s just that this technology introduction is completely different from the “market-for-technology” model in the early days of reform and opening up。This is how Chinese people spend money to “buy things”，Use foreign technology to meet China’s market needs。

Secondly，With the deepening of global economic integration，The domestic economy and the international economy are increasingly interconnected。

Enterprise operations must have a global perspective，Modern enterprises must learn to go out and occupy foreign markets；Learn to use financial tools to manage the risks of global economic fluctuations；In the context of the “One Belt, One Road” initiative，Better explore overseas investment opportunities，This requires the company to have a global asset allocation plan，And this asset allocation can certainly be achieved through international mergers and acquisitions。It can be said，With the promotion of the “One Belt, One Road” national strategy，Overseas mergers and acquisitions have become part of the national strategy。How to provide comprehensive and systematic services for Chinese enterprises’ overseas mergers and acquisitions，has become an important issue。Because of culture、Law、Differences in currency, etc.，Coupled with the changes in the international political and economic situation，Enterprises will inevitably face more risks when implementing overseas mergers and acquisitions。Our country should start 188bet sports betting app download from the level of national diplomacy、Support level of international financial institutions、Cultural exchange level、Provide systematic training and services for enterprises at the legal consulting level，In order to improve the success of Chinese enterprises’ overseas mergers and acquisitions。

So，We will definitely see more Chinese companies launching overseas mergers and acquisitions in 2016，This is an inevitable choice for China’s economic development to this stage。But，What I want to emphasize is，Overseas M&A risks are relatively higher，And this risk cannot be borne solely by enterprises，The government should integrate the power of all sectors of society，Provide more protection for enterprises！We believe that 2016 is the “year of acceleration” for overseas mergers and acquisitions，But I hope it will be a "protection year" for overseas mergers and acquisitions。