毕马威：2026年全球并购展望报告：分拆之年（英文版）

Deal activity regained momentum through 2025 and survey findings indicate that many organizations expect pipelines to expand further in 2026. Yet this recovery is unfolding in a structurally more complex environment. Legislative and regulatory volatility, evolving trade regimes and transformational changes in global tax frameworks are reshaping forward-looking cost structures and return profiles.In this context, valuation discussions are increasingly defined not by headline multiples alone, b