Study On The Mode Of Listed Companies Participating In The M&A Fund

With China's economic development has entered a new normal stage and the speed of economic developed from high growth to the rapid growth,optimization and upgrading of economic structure,the implementation of supply side reforms,different from the extent of domestic listed companies to carry out large-scale mergers and acquisitions activities.By means of M & A,the listed companies get the industrial transformation and upgrading,the integration of industrial chain,the enhancement of the core competitiveness of enterprises and the rapid increase of the scale.Buyout fund is a private equity fund focused on the goal of enterprise merger,through the acquisition of stake in the target enterprise,partial control of the target company,then certain restructuring of its discovery,create value for the enterprise,to enhance profitability after the sale of shares.Through the fund raising,investment,management,exit,the four main aspects of the operation of the whole process of capital appreciation.This paper focuses on the listed companies involved in mergers and acquisitions fund set up the status quo,from fund mergers and acquisitions of Listed Companies in favor of industrial integration,reduce the necessity of merger risk and help listed companies overseas mergers and acquisitions of listed companies to set up three aspects of mergers and acquisitions fund.In this paper,the author analyzes the LP and GP of the limited partnership fund,especially from the aspect of GP,and compares and analyzes the specialty and deficiency of the securities department,the banking department and the private PE.This paper selects three representative institutions jointly established by PE and listed company,such as the Heaven-Sent Capital Management Group with Dakang Firming,Guangdong Gosun Telecommunications with E Fund Management company,Da Lin asset and Beijing Watertek Information Technology,from the fund structure of listed companies and PE mechanism are analyzed,combined with the specific situation of the state-owned listed companies the case of S company,design a feasible mode for mergers and acquisitions fund S.We hope to provide some reference for the state-owned listed companies to set up their own merger fund.