Research On The Operation Mode And Risk Response Of "Listed Companies+PE" Buyout Fund In China

Since the introduction of Buyout Fund in 2002,IPO has been the main way to exit,and "listed companies + PE" Buyout fund model combines the advantages of listed companies and PE institutions,on the one hand to explore the extension of listed companies Growth path,on the other hand to improve the original capital exit channel a single problem.September 19,2011,Hunan Dakang Livestock Co.,Ltd.and Zhejiang Paradise Silicon Valley Asset Management Group Co.,Ltd.set up Paradise Silicon Valley Industrial Development Partnership.As a new type of Buyout fund,the "listed companies + PE" Buyout fund has been rapidly implemented and promoted in the M & A market in China,and has gradually become an important way for the expansion of listed companies.This paper analyzes the development and present situation of Buyout funds,summarizes general operation flow of "listed companies +PE" Buyout fund model,and explores its existing risks from the macro-meso-micro level and puts forward the countermeasures.The paper has some theoretical and practical significance for the development of M & A market,the development practice of Buyout fund and related the field of research.This paper combs the relevant literatures at home and abroad,studies the development process of M & A market and Buyout fund,and studies the inevitability of "listed companies + PE" Buyout funds in China's M & A market from the listed companies and PE institutions.Application of 2011 to 2016 data on the "listed companies + PE" Buyout fund development status analysis.On this basis,combined with specific cases,this paper analyzes the operation mode of "listed company + PE" Buyout fund.Finally,this paper analyzes the "listed companies + PE" from three aspects: legal risk,capital market risk and Double principal-agent risk,and put forward countermeasures.