随着大资管时代的到来和多层次资本市场建设的不断提速,信托公司传统制度红利已基本消失,但与其他金融机构相比,信托公司参与资本市场并购业务,在跨界经营的融资能力、议价能力、风险把控能力、交易结构设计能力以及退出能力等方面,依然有着比较明显的优势。所谓并购,从广义的兼并与收购(Merger and Acquisition)概念来讲,前者是指在竞争中占据优势的企业购买另一家企业的全部财产,合并组成一家企业的行为;后者指一家企业收购另一家企业一定数量的股权而获取该企业控制权和经营权的行为。从目前国内资本市场实践来看,收购与兼 With the advent of the big asset management era and the continuous speeding up of the construction of a multi-level capital market, the dividends of the traditional system of trust companies have basically disappeared. However, compared with other financial institutions, the trust companies participate in the capital market M & A business, , Bargaining power, risk control ability, trading structure design ability and exit ability, etc., still have obvious advantages. The so-called mergers and acquisitions, from the general concept of mergers and acquisitions (Merger and Acquisition), the former refers to the dominant enterprises in the competition to buy all the property of another company, the merger of the composition of a business behavior; the latter refers to a business acquisition of another A company a certain number of shares of access to control of the business and the right to operate. From the current practice of domestic capital markets point of view, the acquisition and concurrently