高盛：2026年全球并购市场展望报告：宏图致远 构筑未来（英文版）（18页）.pdf

1、GLOBAL M&A OUTLOOKThink Big,Build Bigger1 GOLDMAN SACHS 2026 GLOBAL M&A OUTLOOK:THINK BIG,BUILD BIGGERA LETTER FROM STEPHAN FELDGOISEFor nearly three decades,Ive had the privilege to work alongside extraordinary colleagues advising clients throughout their corporate life cycles:from early days focus

2、ed on growth and scale to pivotal moments that redefine capabilities and entire industries.What remains constant throughout market cycles,geopolitical strife,and other exogenous shocks is the enduring focus of business leaders to build,growand when necessary,pivot.I wasnt certain I would ever again

3、experience M&A activity levels to rival those of 2021but the markets in the second half of 2025 proved me wrong,and the foundational drivers heading into 2026 remain just as robust and encouraging.Behind every transaction,no matter the backdrop or market cycle,is a story of conviction and strategic

4、decision-making.And while strategy is paramount,so is timingand the willingness to act when paths to financing and completion are more clear.M&A has always been cyclical:After the dot-com bubble and global financial crisis,strategic buyers rebuilt through consolidation.The post-pandemic cycle saw di

5、gital acceleration and record liquidity drive the fastest rebound in M&A history.The current cycle will be defined by strategic repositioning and building for scaleand extraordinary ambition is accelerating the pace of these moves.Add to that:tremendous public and private capital and the macrocurren

6、t of AI,which itself has created a domino effect across software,data centers,semiconductors,real estate,power,transmission,and so much more.While none of us knows precisely how the AI revolution will play out,companies,boards,and shareholders are seeing the benefit of holding multiple cards to play