论放宽并购重组是激活资本市场和创业投资的有效手段

Abstract

Against the backdrop of the rapid expansion of the global private equity investment market, China's capital market and venture capital are facing deep contraction. The long-term downturn of the capital market, the continuous decline of equity investment for three years, the low proportion of direct financing, and the failure of the IPO dependent exit model have led to the rupture of the "capital technology industry" transformation chain, seriously restricting the efficiency of the national innovation system.
This article focuses on the core contradiction between the long-term downturn of the capital market and the shrinkage of the merger and acquisition market. Taking the comparison between the Chinese and American markets as a reference, it analyzes successful and failed cases of mergers and acquisitions, and systematically analyzes the internal logic of China's capital market structure imbalance, policy constraints, and market mechanism failure. Research has revealed that the current exit model dominated by IPOs exacerbates the obstruction of innovative capital circulation, Triple Dilemmas and Three Structural Misalignments, while the lengthy approval process, rigid indicators, and lack of financial innovation tools in merger and acquisition policies further inhibit market vitality.
This study is based on the dual reality of deepening the reform of China's capital market and restructuring the entrepreneurial investment ecosystem. By deconstructing the core role of merger and acquisition mechanisms in capital circulation and resource allocation, it provides theoretical support for breaking the negative cycle of "market downturn innovation blockage". The research follows the logical chain of "problem diagnosis mechanism analysis path design", and within the framework of institutional economics and financial development theory, systematically answers two core propositions: firstly, how to optimize and rebuild the price discovery and resource allocation functions of the capital market through mergers and acquisitions policies; Secondly, how to construct a new paradigm for venture capital exit that is suitable for the development of innovative economy.
The conclusions drawn from the research and the policy recommendations proposed can provide strong basis for policy makers to optimize merger and acquisition policies. Policy makers can refer to the results of this study to further simplify the approval process for mergers and acquisitions, adjust the entry threshold for mergers and acquisitions, improve relevant regulatory mechanisms, etc., in order to better utilize the resource allocation function of the capital market and effectively solve a series of practical problems faced by the current Chinese capital market, such as poor financing channels, insufficient market liquidity, and insufficient supply of venture capital.

Date of Award	12 Apr 2025
Original language	Chinese (Simplified)
Awarding Institution	China Europe International Business School
Supervisor	Hong Wang (Supervisor) & Sheng Huang (Supervisor)