贝恩：2026年全球并购市场报告（英文版）

When we unpacked the rebound of 2025, we found two trends with particularly broad implications. First,it was a year of many big bets made by companies that traditionally make few deals Will that lack ofexperience impede value creation? In addition, despite the overall robust market, M&A actually took aback seat to other investments in 2025. Companies devoted substantially less of their capital to M&A thanthey invested in other avenues for growth, namely capex and R&D. How do compa