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Qu Kai speaks with founders, investors, and industry practitioners about Chinese entrepreneurship, venture capital, company operations, and technology cycles.
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并购的本质 | 对谈云磬投资创始人立阳
张立阳将并购定义为企业控制权变更，收益来自现金流、杠杆、增长和退出价格逐项改善，而非单纯讲故事。智元案例更像先取得稀缺上市平台、保留三年后的资产整合选择权；中国进入质量增长阶段后，并购能否穿过融资、治理、监管与估值折价的多重门槛值得关注。