2020年，受新冠肺炎疫情、中美贸易战、世界经济深度衰退等不利因素影响，民营经济发展遭受极大的挑战，民营企业并购同样陷入冰点。一方面，发达国家对外商投资实施的监管和审查更趋严格，地缘政治风险激增，民营企业海外并购规模大幅下滑；另一方面，国内一些中大型民营企业进入破产重整、债务重组的数量显著增加。并购纾困、破产重整是民营企业并购的重要手段。从趋势上看，国企民企混改提速，资本市场并购新规有利于民企并购，高科技领域并购逐渐活跃。
In 2020，the COVID-19 pandemic，the US-China trade war，and the excessive recession of the global economy posed a significant challenge to the development of private sectors in China. Mergers and acquisitions transactions in private sectors were almost frozen in 2020. On the one hand，the much stricter regulatory scrutiny on the foreign investment imposed by the Western countries led to the increase of geopolitical risks，causing a sharp decline of overseas mergers and acquisitions transactions in private sectors. On the other hand，an increasing number of Chinese companies in private sectors ended up in the process of bankruptcy reorganizations or debt restructuring，which were still the main tools in the private sector mergers and acquisitions market. This article predicts an acceleration of mixed-ownership reform，favorable new mergers and acquisitions regulations，and a gradual recovery of the mergers and acquisitions market in the high-tech sector.
| Keywords： | Debt RestructuringPrivate CompaniesScrutiny on Mergers and Acquisitions TransactionsBankruptcy ReorganizationsMixed-ownership Reform |
