Page 16 - CCFA Journal - Fifth Issue

加中金融 并购 M&A

While valuations are higher than ever, top-dollar deals 尽管目前的估值高于以往任何时候，但考虑到近期股市
shouldn't come as a surprise given the recent inflation in the 的通胀，高收益交易不应令人意外。2021 年第二季度，
stock market. All of the major U.S. equity indices rose by high- 美国所有主要股指均以高个位数的百分比上涨，其中多
single-digit percentages in Q2 2021, with most closing out the 数股指以历史最高收盘。一些大型上市公司甚至利用新
quarter at all-time highs. Some large public companies have 获得的天价估值进行重大收购，以永无止境地寻求增长，
even leveraged their newfound sky-high valuations to make 同时希望从这些举措中实现额外的股东价值。并购活动
major acquisitions in the never-ending quest for growth while 和估值水平的上升不太可能在短期内消退。
also hoping to unlock additional shareholder value from these
moves. The flurry of M&A activity and the elevated valuation 仅科技企业并购市场的这种强劲势头就将 2021 年迄今的
levels are not likely to recede any time soon. 总支出推高至 8800 亿美元，几乎是最近全年记录总额的

This strength in the tech M&A market alone pushes overall 两倍。以目前的水平来看，2021 年的科技收购总价值将
spending so far in 2021 to $880B, which is nearly twice the 超过此前难以想象的 1 万亿美元的支出门槛，而第四季度
recent full year recorded totals. At its current level, the total 的大部分时间仍将持续。
value of tech acquisitions in 2021 will cross the previously 展望未来:大同小异
unimaginable spending threshold of $1T with most of the
fourth quarter still remaining. 综上所述，考虑到最近的交易活动和趋势，并购市场在
2021 年剩余时间及之后仍将是卖方市场。对于买家来说，
Looking ahead: More of the same
并购仍然是企业实现增长、扩大规模和实现业务数字化
To conclude, given the recent deal activities and trends, M&A 的最具吸引力的方式之一。尽管利率已小幅上升，但资
looks certain to remain a seller’s market for the rest of 2021 本依然廉价且充裕。随着全球经济复苏势头持续增强—
and beyond. For buyers, M&A remains one of the most —尽管各种新冠病毒的变化存在不确定性，但反关闭情
attractive ways for companies to achieve growth, gain scale, 绪日益高涨——并购也将在各个行业和地区变得更加广
and digitize their business. While interest rates have edged up, 泛，特别是在医疗保健和信息技术行业。随着买家继续
capital remains inexpensive and abundant. As the global
economic rebound continues to gain momentum – buoyed by 争夺最佳和最具吸引力的地方来配置他们的资金，交易
an increasingly anti-shutdown sentiment despite uncertainty 量和价值预计都将继续创下纪录。
about various COVID variants – M&A is also poised to become
more broad-based across both industries and geographies,
especially in the Healthcare and Information Technology
sectors. Both transaction volume and value are expected to
keep setting records as buyers continue to vie for the best and
most attractive places to deploy their capital.

CCFA JOURNAL OF FINANCE October 2021
Page 16 第16页