The so-called M&A loan refers to the local and foreign currency loans issued by commercial banks to M&A enterprises or holding subsidiaries of M&A companies to pay the consideration of M&A shares. It is a loan issued to meet the financing needs of domestic superior customers in the process of restructuring and restructuring, such as paid merger and acquisition of other domestic enterprises and institutions, completed projects, asset-debt restructuring, etc. M&A loan is a special form of project loan. Ordinary loans are the best in the order of repayment, but if loans are used for equity acquisition, debts can usually only be repaid through equity dividends.