{"id":63525,"date":"2024-05-02T12:19:16","date_gmt":"2024-05-02T03:19:16","guid":{"rendered":"https:\/\/monolith.law\/zh-cn\/?p=63525"},"modified":"2024-05-08T10:33:32","modified_gmt":"2024-05-08T01:33:32","slug":"exit-by-ipo-m-and-a","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-cn\/general-corporate\/exit-by-ipo-m-and-a","title":{"rendered":"\u901a\u8fc7IPO\u548cM&amp;A\u5b9e\u73b0EXIT\u7684\u65b9\u6cd5"},"content":{"rendered":"\n<p>\u5bf9\u4e8e\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u521b\u59cb\u4eba\u548c\u5bf9\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u80a1\u4efd\u6709\u9650\u516c\u53f8\u8fdb\u884c\u6295\u8d44\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u4ed6\u4eec\u7684\u884c\u52a8\u90fd\u662f\u4ee5\u83b7\u53d6\u5229\u76ca\u4e3a\u76ee\u7684\u3002\u7136\u800c\uff0c\u5c3d\u7ba1\u8bf4\u662f\u83b7\u53d6\u5229\u76ca\uff0c\u4f46\u83b7\u53d6\u5229\u76ca\u7684\u65b9\u6cd5\u5e76\u975e\u53ea\u6709\u4e00\u79cd\uff0c\u53ef\u4ee5\u8003\u8651\u7684\u65b9\u6cd5\u6709\u5f88\u591a\u3002\u56e0\u6b64\uff0c\u672c\u6587\u5c06\u4ecb\u7ecd\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u521b\u59cb\u4eba\u548c\u6295\u8d44\u8005\u83b7\u53d6\u5229\u76ca\u7684\u4ee3\u8868\u6027\u624b\u6bb5\uff0c\u5373\u901a\u8fc7IPO\u548cM&amp;A\u8fdb\u884c\u7684\u9000\u51fa\u7b56\u7565\u3002<\/p>\n\n\n\n<div 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title=\"\u4ec0\u4e48\u662fM&amp;A\">\u4ec0\u4e48\u662fM&amp;A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/exit-by-ipo-m-and-a\/#M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA%E7%9A%84%E6%9C%BA%E5%88%B6\" title=\"M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u673a\u5236\">M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u673a\u5236<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/exit-by-ipo-m-and-a\/#M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA%E7%9A%84%E4%BC%98%E7%82%B9\" title=\"M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u4f18\u70b9\">M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u4f18\u70b9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/exit-by-ipo-m-and-a\/#M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA%E7%9A%84%E7%BC%BA%E7%82%B9\" title=\"M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u7f3a\u70b9\">M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u7f3a\u70b9<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/exit-by-ipo-m-and-a\/#%E6%80%BB%E7%BB%93\" title=\"\u603b\u7ed3\">\u603b\u7ed3<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E4%B9%88%E6%98%AFEXIT\"><\/span>\u4ec0\u4e48\u662fEXIT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>EXIT\u662f\u4e00\u4e2a\u5728\u521b\u4e1a\u4e1a\u52a1\u548c\u4f01\u4e1a\u91cd\u7ec4\u4e2d\u4f7f\u7528\u7684\u6982\u5ff5\uff0c\u6307\u7684\u662f\u521b\u4e1a\u516c\u53f8\u7684\u521b\u59cb\u4eba\u3001\u6295\u8d44\u57fa\u91d1\u548c\u98ce\u9669\u6295\u8d44\u7b49\u6295\u8d44\u8005\u901a\u8fc7\u51fa\u552e\u80a1\u7968\u6216\u8fdb\u884c\u5e76\u8d2d\uff0c\u56de\u6536\u6295\u5165\u7684\u8d44\u672c\uff0c\u4ece\u800c\u83b7\u5f97\u5229\u6da6\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u5c31\u662f\u521b\u4e1a\u516c\u53f8\u7684\u521b\u59cb\u4eba\u548c\u6295\u8d44\u8005\u901a\u8fc7\u5bf9\u521b\u4e1a\u516c\u53f8\u8fdb\u884c\u6295\u8d44\u7b49\u64cd\u4f5c\uff0c\u4ece\u800c\u83b7\u5f97\u5229\u6da6\u3002\u6b64\u5916\uff0cEXIT\u4e5f\u6709\u6536\u83b7\u7684\u610f\u601d\uff0c\u6709\u65f6\u4e5f\u88ab\u79f0\u4e3aHarvesting\uff08\u6536\u83b7\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%80%E5%87%BA%EF%BC%88EXIT%EF%BC%89%E7%9A%84%E6%96%B9%E5%BC%8F\"><\/span>\u9000\u51fa\uff08EXIT\uff09\u7684\u65b9\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u9000\u51fa\u7684\u65b9\u5f0f\u4e3b\u8981\u53ef\u4ee5\u5206\u4e3a\u4ee5\u4e0b\u4e24\u79cd\uff1a<\/p>\n\n\n\n<ul>\n<li>\u901a\u8fc7\u80a1\u7968\u4e0a\u5e02\uff08IPO\uff09\u5b9e\u73b0\u9000\u51fa<\/li>\n\n\n\n<li>\u901a\u8fc7\u5e76\u8d2d\uff08M&amp;A\uff09\u5b9e\u73b0\u9000\u51fa<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%9A%E8%BF%87%E9%A6%96%E6%AC%A1%E5%85%AC%E5%BC%80%E4%B8%8A%E5%B8%82%EF%BC%88IPO%EF%BC%89%E9%80%80%E5%87%BA\"><\/span>\u901a\u8fc7\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09\u9000\u51fa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09\u662f\u6211\u4eec\u53ef\u4ee5\u8003\u8651\u7684\u7b2c\u4e00\u79cd\u9000\u51fa\u65b9\u5f0f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E4%B9%88%E6%98%AF%E9%A6%96%E6%AC%A1%E5%85%AC%E5%BC%80%E4%B8%8A%E5%B8%82%EF%BC%88IPO%EF%BC%89\"><\/span>\u4ec0\u4e48\u662f\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2020\/02\/shutterstock_318368702-1024x683.jpg\" alt=\"\" class=\"wp-image-7173\" \/><figcaption class=\"wp-element-caption\">\u6211\u4eec\u5c06\u89e3\u91ca\u901a\u8fc7IPO\u9000\u51fa\u7684\u8fc7\u7a0b\u3002<\/figcaption><\/figure>\n\n\n\n<p>IPO\u662finitial public 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class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9996\u5148\uff0c\u4ece\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u521b\u59cb\u4eba\u7684\u7acb\u573a\u6765\u770b\u3002\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u521b\u59cb\u4eba\u81ea\u7136\u4f1a\u6301\u6709\u8be5\u80a1\u4efd\u6709\u9650\u516c\u53f8\u7684\u5927\u90e8\u5206\u80a1\u4efd\u3002\u8fdb\u884cIPO\u540e\uff0c\u80a1\u7968\u7684\u4ef7\u503c\u901a\u5e38\u4f1a\u4e00\u4e0b\u5b50\u4e0a\u5347\u3002\u8fd9\u6837\uff0c\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u521b\u59cb\u4eba\u53ef\u4ee5\u901a\u8fc7\u4ee5IPO\u540e\u7684\u9ad8\u80a1\u4ef7\u51fa\u552e\u81ea\u5df1\u6301\u6709\u7684\u80a1\u7968\uff0c\u4ece\u800c\u83b7\u5f97\u5229\u6da6\u3002\u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u4ece\u98ce\u9669\u6295\u8d44\u8005\u7b49\u7684\u7acb\u573a\u6765\u770b\u3002<\/p>\n\n\n\n<p>\u9996\u5148\uff0c\u98ce\u9669\u6295\u8d44\u8005\u7b49\u4f1a\u6839\u636e\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u4e1a\u52a1\u5185\u5bb9\u7b49\uff0c\u5224\u65ad\u8be5\u516c\u53f8\u662f\u5426\u6709\u672a\u6765\u7684\u589e\u957f\u524d\u666f\u3002\u5982\u679c\u5224\u65ad\u8be5\u516c\u53f8\u6709\u672a\u6765\u7684\u589e\u957f\u524d\u666f\uff0c\u4ed6\u4eec\u4f1a\u5bf9\u8be5\u521b\u4e1a\u516c\u53f8\u7b49\u8fdb\u884c\u6295\u8d44\uff0c\u5e76\u63a5\u53d7\u80a1\u7968\u3002\u6b64\u65f6\uff0c\u7531\u4e8e\u516c\u53f8\u5904\u4e8e\u6210\u957f\u524d\u7684\u9636\u6bb5\uff0c\u98ce\u9669\u6295\u8d44\u8005\u7b49\u53ef\u4ee5\u4ee5\u76f8\u5bf9\u8f83\u4f4e\u7684\u4ef7\u683c\u63a5\u53d7\u80a1\u7968\u3002\u7136\u540e\uff0c\u4ed6\u4eec\u53ef\u80fd\u4f1a\u901a\u8fc7\u5411\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u7ba1\u7406\u5c42\u63d0\u4f9b\u54a8\u8be2\u7b49\u652f\u6301\uff0c\u4ee5\u671f\u5f85\u8be5\u521b\u4e1a\u516c\u53f8\u7684IPO\u3002\u8fd9\u6837\uff0c\u98ce\u9669\u6295\u8d44\u8005\u7b49\u53ef\u4ee5\u901a\u8fc7\u4ee5IPO\u540e\u7684\u9ad8\u80a1\u4ef7\u51fa\u552e\u5728IPO\u524d\u4ee5\u76f8\u5bf9\u8f83\u4f4e\u7684\u4ef7\u683c\u63a5\u53d7\u7684\u80a1\u7968\uff0c\u4ece\u800c\u83b7\u5f97\u5229\u6da6\u3002\u901a\u8fc7\u8fd9\u79cd\u673a\u5236\uff0c\u53ef\u4ee5\u901a\u8fc7IPO\u8fdb\u884c\u9000\u51fa\u3002<\/p>\n\n\n\n<h3 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class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u901a\u8fc7\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09\u9000\u51fa\u7684\u4e00\u4e2a\u4e3b\u8981\u4f18\u70b9\u662f\u6709\u53ef\u80fd\u83b7\u5f97\u5927\u91cf\u5229\u6da6\u3002\u5982\u679c\u4f60\u662f\u521b\u4e1a\u516c\u53f8\u7b49\u7684\u521b\u59cb\u4eba\uff0c\u4f60\u53ef\u80fd\u4ee5\u6781\u4f4e\u7684\u4ef7\u683c\u63a5\u53d7\u4e86\u5927\u91cf\u7684\u80a1\u7968\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c\u4f60\u662f\u98ce\u9669\u6295\u8d44\u8005\u7b49\uff0c\u867d\u7136\u5728\u521b\u4e1a\u516c\u53f8\u7b49\u5373\u5c06IPO\u65f6\u63a5\u53d7\u80a1\u7968\u7684\u6295\u8d44\u91d1\u989d\u53ef\u80fd\u76f8\u5f53\u9ad8\uff0c\u4f46\u5982\u679c\u5728\u521b\u4e1a\u516c\u53f8\u7b49\u521a\u521a\u6210\u7acb\u65f6\uff0c\u4f60\u53ef\u80fd\u4ee5\u975e\u5e38\u4f4e\u7684\u4ef7\u683c\u63a5\u53d7\u4e86\u5927\u91cf\u7684\u80a1\u7968\u3002\u5982\u679c\u6700\u521d\u7684\u6295\u8d44\u91d1\u989d\u8f83\u4f4e\uff0c\u90a3\u4e48\u901a\u8fc7\u51fa\u552e\u4ef7\u503c\u4e0a\u5347\u7684\u80a1\u7968\uff0c\u4f60\u53ef\u80fd\u6709\u53ef\u80fd\u83b7\u5f97\u5927\u91cf\u7684\u5229\u6da6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%9A%E8%BF%87%E9%A6%96%E6%AC%A1%E5%85%AC%E5%BC%80%E4%B8%8A%E5%B8%82%EF%BC%88IPO%EF%BC%89%E9%80%80%E5%87%BA%E7%9A%84%E7%BC%BA%E7%82%B9\"><\/span>\u901a\u8fc7\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09\u9000\u51fa\u7684\u7f3a\u70b9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u901a\u8fc7\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09\u9000\u51fa\u7684\u4e00\u4e2a\u7f3a\u70b9\u662f\u5b58\u5728\u65e0\u6cd5\u9000\u51fa\u7684\u98ce\u9669\u3002\u4e3a\u4e86\u8fdb\u884cIPO\uff0c\u9700\u8981\u5c06\u521b\u4e1a\u516c\u53f8\u7b49\u53d1\u5c55\u5230\u80fd\u591f\u901a\u8fc7\u4e0a\u5e02\u5ba1\u67e5\u7684\u72b6\u6001\uff0c\u4f46\u6709\u65f6\u53ef\u80fd\u65e0\u6cd5\u5c06\u5176\u53d1\u5c55\u5230\u8fd9\u79cd\u72b6\u6001\uff0c\u4e0d\u5f97\u4e0d\u653e\u5f03IPO\u3002\u8fd9\u6837\uff0c\u81ea\u7136\u5c31\u65e0\u6cd5\u901a\u8fc7IPO\u9000\u51fa\u5e76\u83b7\u5f97\u5229\u6da6\u3002\u6b64\u5916\uff0c\u4e3a\u4e86\u8ba9\u521b\u4e1a\u516c\u53f8\u7b49\u8fdb\u884cIPO\uff0c\u9700\u8981\u4ed8\u51fa\u5927\u91cf\u7684\u52aa\u529b\u3002\u4e3a\u4e86\u8fdb\u884cIPO\u9000\u51fa\u800c\u4ed8\u51fa\u5927\u91cf\u52aa\u529b\u7684\u8fd9\u4e00\u70b9\uff0c\u4e5f\u53ef\u4ee5\u8bf4\u662f\u901a\u8fc7\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\uff08IPO\uff09\u9000\u51fa\u7684\u4e00\u4e2a\u7f3a\u70b9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA\"><\/span>M&amp;A\u5b9e\u73b0\u9000\u51fa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2020\/02\/shutterstock_1413966269-1024x683.jpg\" alt=\"\" class=\"wp-image-7174\" \/><figcaption class=\"wp-element-caption\">\u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u5c06\u89e3\u91ca\u901a\u8fc7M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u65b9\u5f0f\u3002<\/figcaption><\/figure>\n\n\n\n<p>\u7b2c\u4e8c\u79cd\u53ef\u8003\u8651\u7684\u65b9\u5f0f\u662f\u901a\u8fc7M&amp;A\u5b9e\u73b0\u9000\u51fa\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%80%E4%B9%88%E6%98%AFM_A\"><\/span>\u4ec0\u4e48\u662fM&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A\u662fMergers\uff08\u5408\u5e76\uff09\u548cAcquisitions\uff08\u6536\u8d2d\uff09\u7684\u7f29\u5199\uff0c\u6307\u7684\u662f\u4f01\u4e1a\u7684\u5408\u5e76\u548c\u6536\u8d2d\u3002\u6839\u636e\u4f7f\u7528\u7684\u573a\u666f\uff0c\u4f01\u4e1a\u7684\u8054\u76df\u4e5f\u53ef\u80fd\u88ab\u5305\u542b\u5728M&amp;A\u7684\u6982\u5ff5\u4e2d\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith-law.jp\/corporate\/merger-acquisition\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith-law.jp\/corporate\/merger-acquisition[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA%E7%9A%84%E6%9C%BA%E5%88%B6\"><\/span>M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u673a\u5236<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A\u662f\u4e00\u79cd\u901a\u8fc7\u51fa\u552e\u516c\u53f8\u6216\u516c\u53f8\u4e1a\u52a1\u4ee5\u83b7\u5229\u7684\u65b9\u5f0f\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u5f53\u516c\u53f8\u53d1\u5c55\u58ee\u5927\uff0c\u516c\u53f8\u4ef7\u503c\u63d0\u5347\u5230\u4e00\u5b9a\u9636\u6bb5\u65f6\uff0c\u901a\u8fc7\u51fa\u552e\u516c\u53f8\u6216\u516c\u53f8\u4e1a\u52a1\uff0c\u53ef\u4ee5\u83b7\u5f97\u5229\u6da6\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA%E7%9A%84%E4%BC%98%E7%82%B9\"><\/span>M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u4f18\u70b9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A\u7684\u4f18\u70b9\u662f\uff0c\u5373\u4f7f\u6ca1\u6709\u8fbe\u5230IPO\uff0c\u4e5f\u53ef\u4ee5\u5b9e\u73b0\u9000\u51fa\u3002\u5c3d\u7ba1\u516c\u53f8\u7684\u4ef7\u503c\u5df2\u7ecf\u63d0\u5347\uff0c\u4f46\u5f88\u591a\u60c5\u51b5\u4e0b\u5e76\u672a\u8fbe\u5230IPO\u7684\u7a0b\u5ea6\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u53ef\u4ee5\u901a\u8fc7M&amp;A\u5b9e\u73b0\u9000\u51fa\u5e76\u83b7\u5f97\u5229\u6da6\u3002\u6b64\u5916\uff0c\u5bf9\u4e8eVC\u7b49\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u4ed6\u4eec\u53ef\u4ee5\u786e\u4fdd\u653e\u624b\u80a1\u7968\uff0c\u4ece\u800c\u907f\u514d\u627e\u4e0d\u5230\u63a5\u624b\u80a1\u7968\u7684\u98ce\u9669\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A%E5%AE%9E%E7%8E%B0%E9%80%80%E5%87%BA%E7%9A%84%E7%BC%BA%E7%82%B9\"><\/span>M&amp;A\u5b9e\u73b0\u9000\u51fa\u7684\u7f3a\u70b9<span 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