• 02
    2021-06
    2021年第一季度中国并购市场研究报告
    2021年一季度国内生产总值(GDP)同比增长18.3%,两年平均增长5.0%,居民消费价格指数(CPI)同比持平,进出口贸易增长势头稳健。随着国内疫情的逐渐恢复,我国经济呈现稳定恢复态势,稳中加固、稳中向好,供给量增质升,需求持续回暖,市场活力不断释放。但是,本季度并购市场整体受春节假期影响导致走势较低。
  • 04
    2021-02
    China’s M&A Market Report Q3’20
    In the third quarter of 2020, after falling into recession during the blockade in the second quarter of this year, the global economy is now gradually recovering from negative growth. China’s economy has recovered faster than expected, while global economy has not yet resumed before the epidemic. There were interest rate cuts and exposure to the US dollar by Federal Reserve have increased the pressure on the US dollar to depreciate; the yen and the euro have appreciated; and the average exchange rate of most emerging economies’ currencies has also appreciated. The Federal Reserve issued a stable monetary easing signal and the TED spread remained low, however, US stocks fell sharply in early September, and the VIX index rebounded to more than 30% and it was hard to witness downward trend. In the latest World Economic Outlook Report released by the International Monetary Fund, the global economy has been improved faster by global blockade measures, and its recovery in the third quarter was beyond expectation: The global growth in 2020 is expected to be -4.4%, less than that of -4.9% in June 2020. The IMF predicts that huge negative output gaps and high unemployment will occur in all nations and regions (including developed economies, emerging markets, and developing economies) in 2021. The global economy will grow by 5.2% in 2021, consumption will gradually increase, and corporate investment is expected to pick up but will remain weak.
  • 18
    2020-12
    China’s M&A Market Report Q2’20
    In the second quarter of 2020, due to the liquidity support of central banks and the effective control of the COVID-19 epidemic in some regions, the financial market gradually recovered from the negative impact of the epidemic. The global stock market staged a recovery overall, but still away from the level before the epidemic spread in February 2020. The average of the US dollar index has rebounded from the first quarter, the yen and the euro have been stable, and most emerging economies have suffered from a significant currency devaluation. As the Federal Reserve launched open QE and injected liquidity into the market through large-scale repurchase and other tools, the price movement of various assets has returned to normal. On June 30, the VIX index was 30.43%, a significant decline from March. In the latest World Economic Outlook Report released by the International Monetary Fund, the impact of the COVID-19 epidemic on economy is more serious than expected, and the recovery is expected to be slower than before: the global GDP growth rate in 2020 is expected to be –4.9%, 1.9% lower than the forecast in April. The IMF predicts that all regions (developed economies, emerging markets, and developing economies) will suffer negative growth in 2020, and the forecasts of consumption growth in most economies have been reduced. The global growth in 2021 is expected to be 5.4%, which is 0.4% lower than the forecast in April. Consumption will gradually increase next year, and investment will stabilize and pick up, but it will remain weak.
  • 04
    2020-12
    2020年第三季度中国并购市场报告
    2020年第三季度在疫情的逐步恢复下,并购市场交易缓慢复苏。随着市场稳定性逐渐提升,许多活跃起来的买方通过利用资本市场的平台开始对卖方进行并购重组以完善自身的资源整合。根据清科旗下私募通数据显示,2020年第三季度中国并购市场共完成493笔并购交易,案例数量同比上升1.9%,环比上升23.9%。其中披露金额的有351笔,交易总金额约为2014.50亿人民币,同比下降34.3%,环比下降6.3%。
  • 09
    2020-10
    China’s M&A Market Report Q1’20
    In the first quarter of 2020, affected by the COVID-19 epidemic, the financial market became turbulent, and the global economic prosperity declined significantly after March. The global stock market is in great turmoil, the liquidity crisis of the US dollar broke out, assets were sold off, and the prices of risky assets and safe-haven assets plunged one after another. The VIX index rose more than the financial crisis in 2008. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economic growth is facing the most serious blow since the Great Depression in the 1930s: for the first time, the world is facing the simultaneous recession of both developed and emerging economies. The IMF predicts that the global GDP growth will shrink by 3% in 2020, and the global economy will recover to the 5.8% YoY growth level in 2021. The COVID-19 epidemic will cause losses of about US$9 trillion worldwide in the next two years, exceeding the total GDP of Japan and Germany. If the epidemic continues until 2021, global GDP may shrink by 2.2% next year.
  • 17
    2020-08
    2020年第二季度中国并购市场报告
    2020年全球并购市场交易量在二季度急剧下降,二季度以来,全球并购交易量仅有4850亿美元,比去年同期1万亿美元的规模下跌近50%。受新冠病毒疫情影响,今年上半年全球并购交易规模较去年同期下降50%,创下自2012年欧债危机以来的最低水平,恢复到疫情之前的水平可能需要几年时间。其中4月份的第三周,全球没有宣布一笔金额超过10亿美元的并购交易,这是2004年以来的首次。美国市场二季度的并购交易量同比下跌90%,仅录得750亿美元,创下了次贷危机以来的新低。
  • 24
    2020-06
    2020年第一季度中国并购市场报告
    2020年第一季度受新冠疫情影响,金融市场动荡开年,全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡,美元流动性危机爆发,资产遭遇抛售,风险资产、避险资产价格陆续暴跌。VIX指数上升幅度超过2008年金融危机水平。
  • 23
    2020-01
    2019年中国母基金投资策略研究报告
    近年来,市场化母基金逐渐发展为我国私募股权投资市场重要LP之一,较政府引导母基金而言,对投资地域不作限制。但同时,市场化母基金较高的筛选标准将众多投资机构拦在门外。不同类型的市场化母基金在投资策略上各有特色,根据其成立背景、资源优势发展出不同的业务模式,合作的GP也各有偏重。 随着大量直投基金退出期到来,IPO、并购等主流退出渠道不够通畅,基金二手份额转让的需求攀升,S基金投资策略逐渐受到各母基金管理机构的重视。从全球S基金收益数据来看,平均IRR显著高于直投基金。随着二手份额交易模式的成熟化,母基金和直投基金有望达成“双赢”局面。 2018年8月私募资产配置落地,私募资产配置基金将可以进行跨资产投资,包括各类合法备案的资管产品。但由于其较高的申请门槛,截至2019年上半年仅备案3家私募资产配置管理机构。跨资产配置要求管理机构对全市场资管产品有较全面的了解,对于PE市场化母基金来说,投资策略多元化是一个发展趋势,但也是一个较漫长的过程。 2018年资管新规发布,银行出资到私募基金的路径被阻断,在宏观经济面临下行压力的情况下,上市公司、企业以及高净值个人等主流LP也放缓了投资进度。根据清科研究中心数据,2018年中国股权投资市场募资额同比下降25.6%。市场化母基金也未能幸免,2018年募资额同比下降了62.5%,发展态势有所回落。母基金这类分散风险、平滑投资收益率的资产管理产品,非常适合养老金、保险资金等更追求低风险、收益稳定性的长期资金参与投资。这两类长期资本参与股权投资基金的限制也正在逐步放开,未来有望助力市场化母基金的顺利募资。 总体来说,市场化母基金将持续是股权投资市场的重要组成部分。市场化母基金管理机构可继续定位于资产配置平台,充分发挥其专业优势,加大与政府引导母基金的合作,投向优质的直投机构,为LP带来更丰厚的投资回报。
  • 17
    2020-01
    2019年第三季度中国并购市场统计报告
    清科研究中心发布数据显示:2019年第三季度,中国并购市场共完成并购交易422笔,同比下降32.3%,环比上升11.6%;披露金额的并购案例总计362笔,共涉及交易金额2523.56亿人民币,同比下降27.3%,环比上升60.7%。总体来看,并购市场经过2019上半年调整,已逐步完成“筑底”,并且并购重组政策持续放开且科创板并购重组改革先行,从中长期来看,并购市场有望加速回暖。此外,本期大额并购交易案例增加,第三季度并购案例的平均交易金额为5.98亿人民币,环比上升21.6%。
  • 26
    2019-10
    Chinese M&A Market Report Q3’19
    In Q3’19, the economic prosperity of the major developed economies declined to varying degrees, and so did the major emerging economies, continuing the trend since 2018. The PMI was staying below the critical 50-point threshold in Japan, Eurozone and other regions. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economy slowed down this year due to rising trade barriers, increased trade and geopolitical uncertainties, macroeconomic pressures in some emerging and developing economies, and structural factors in developed economies. The growth rate of the world economy in 2019 was reduced to 3%, the lowest since the financial crisis broke out in 2008. The report predicts that the economic growth of developed economies will slow to 1.7% this year and next, and that of the in emerging and developing economies will be 3.9% and 4.6% this year and next respectively.
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