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近年来,我国企业并购交易日益活跃。2014年中国企业并购交易共计3 964笔,同比增长49%。2015年以来,央企兼并重组迎来高潮,截至2015年第三季度,并购交易数量和金额为3 684笔和17 896亿元。目前,商业银行在开展传统并购贷款业务基础上也逐步将触角延伸到并购基金。本文对并购基金的定义、运作模式、盈利、估值与退出方式等进行一般性描述,在此基础上,对商业银行参与并购基金业务的结构设计、运作模式、盈利模式、风险缓释等方面提出具体化建议。
In recent years, China’s M & A transactions are increasingly active. In 2014, China M & A transactions totaled 3 964, an increase of 49% over the same period of last year. Since 2015, the merger and reorganization of central SOEs has reached its climax. As of the third quarter of 2015, the number and amount of M & A transactions were 3 684 and 1 198.96 billion yuan respectively. At present, commercial banks have gradually extended their tentacles to mergers and acquisitions funds on the basis of carrying out the traditional M & A loans business. This paper gives a general description of the definition, mode of operation, profitability, valuation and exit methods of M & A funds. On this basis, it also analyzes the structural design, operation mode, profit model and risk mitigation of M & A funds in commercial banks Make specific suggestions.