毕马威（KPMG）：2026年全球并购展望报告：分拆之年（英文版）（42页）.pdf

1、KPMG.Make the Difference.March 20262026 Global M&A OutlookThe year of the carve-out2 2026 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.ForewordForewordAbout the researchAbout the researchExecutive sum

2、maryExecutive summary2025 retrospective and 2026 outlook2025 retrospective and 2026 outlook 5 drivers shaping the 2026 MA environment5 drivers shaping the 2026 M&A environmentStrategic focus in a fragmented worldStrategic focus in a fragmented worldDiverging risk appetites between buyersDiverging ri

3、sk appetites between buyersPortfolio simplification as a value creation strategyPortfolio simplification as a value creation strategyAI-driven transformation of deal executionAI-driven transformation of deal executionExecution discipline as a decisive source of advantageExecution discipline as a dec

4、isive source of advantageIndustry-specific dynamicsIndustry-specific dynamicsImplications for dealmakersImplications for dealmakersExecution capability has become the defining factor in M&A outcomes.Over successive deal cycles,evidence has shown that M&A outcomes are shaped as much by execution capa

5、bility as by strategic intent.The conditions confronting dealmakers today suggest that this relationship is becoming even more pronounced.The 2026 M&A environment is accelerating this reality.Dealmakers are operating amid geopolitical fragmentation,legislative and regulatory volatility,accelerating

6、technological change,and intensifying pressure to focus capital and leadership attention where advantage can be sustained.Portfolio separation activity,including carve-outs,divestitures and staged ownership structures,is no longer a byproduct of other strategic choices.It has become a structural mec