跨境并购热潮的背后,是越来越多的中国企业正从本土运营“升级”到以全球视野开展跨国经营。对这些企业来说,要把握机遇,更要防范风险。2016年一季度,中国跨境并购数据刷新历史,显示我国企业正在掀起“出海”并购的新热潮。多项研究表明,这一热潮在今年下半年仍会延续。为了解此次并购热潮的特点、探明其背后的原因、挖掘资金配置的关键点,并找出并购过程中隐藏的风险,本刊连线摩根大 Behind the spate of cross-border mergers and acquisitions, more and more Chinese enterprises are moving from “local operations” to “multinational operations with a global perspective.” For these enterprises, we must seize the opportunity, but also to guard against risks. In the first quarter of 2016, China’s cross-border M & A data refresh history shows that Chinese enterprises are setting off a new wave of “sea-going” mergers and acquisitions. A number of studies show that this craze will continue in the second half of this year. In order to understand the characteristics of the upsurge of M & A, find out the reasons behind it, tap the key points of fund allocation and find out the risks hidden in the M & A process,