Research On CNTY Sets Up M&A Fund For Cross-border M&A Urbaser

Under the background of economic globalization,Chinese enterprises choose to break through the international boundary line and carry out cross-border M&A,which can achieve the benign development of enterprises to a certain extent.Recently,the rise of the M&A fund has injected vitality into domestic M&A market.For the domestic market,the emergence of the M&A fund is later than abroad,and it gradually formed its own characteristics in the development.Among several models of M&A funds,the M&A fund,"PE + listed company",has attracted widespread attention in the M&A market.The article chose the case of CNTY 's cross-border M&A as the research object,because the "Equity leverage + Debt leverage + Multi-layer structure" M&A fund in CNTY operation mode of cross-border M&A is complex.The innovation of this paper lies in the effect analysis part.Based on the impact analysis of the short-term capital market,it increases the financing cost and strategic impact,and evaluates the effect of the cross-border merger and acquisition of Urbaser by CNTY group from multiple perspectives,which makes the case study more in-depth.Firstly,this article reviews the literature review of the cross-border M&A financing methods,the motivation for the establishment of M&A fund,the M&A fund's operating model,and the value creation of the M&A fund for listed companies.It sorts out the concepts and theories related to this research.Secondly,introduce the basic situation of CNTY and the acquiree Urbaser,the M&A process and financing arrangements.Thirdly,the reasons for the establishment of M&A funds are analyzed,including reducing the risks brought by crossborder M&A,easing the financing pressure of cross-border M&A and focusing on the development of green environmental protection industry.In the operation of M&A fund,it mainly describes the operation process and analyzes the specific functions from the follow aspects,the establishment of M&A fund,financing mode,post-investment management and exit mechanism."PE+ listed company" M&A fund with its clever design,reduce the risk of information asymmetry in cross-border M&A,to win the auction time for M&A.In the aspect of effect analysis,the research results show that the establishment of M&A fund for cross-border M&A has a positive impact on the short-term capital market.And the unique design of "equity leverage + debt leverage + multi-layer structure" of M&A fund saves financing cost and alleviates the financing pressure of CNTY.In addition,the establishment of M&A fund is conducive to the realization of the strategic requirements of the development of the whole industry chain.Finally,this article sums up some innovations of CNTY in the design of the M&A fund,put forward the issues that enterprises should pay attention to in cross-border M&A.It also provides some reference for listed companies to set up the "PE + listed companies" M&A fund.