A Study On The Impact Of Buyout Funds Of Listed Companies On Corporate Performance

In recent years,with the continuous upgrading of economic restructuring and the capital market matures,China's buyout fund activity continues to increase.In terms of the number of mergers and acquisitions or the total amount of raised funds,China's buyout funds are showing a high growth trend,only 2015 year,raised to complete the completion of 185 buyout funds.Because the listed companies to participate in mergers and acquisitions fund is in 2014 after the emergence of large-scale,the relevant theoretical research is not yet in-depth.But the listed companies to participate in mergers and acquisitions fund innovation moves constantly,practice in the front of the theory.Therefore,it is important and urgent to study the impact of listed companies on buyout funds and their impact on corporate performance.This paper systematically analyzes the motivations,advantages and existing problems of listed companies to participate in the establishment of mergers and acquisitions funds.Based on the theory of buyout,this paper analyzes the performance of buyout funds on listed companies by using empirical analysis method,and puts forward relevant countermeasures and suggestions.This paper focuses on the subject of buyout funds of listed companies,which is divided into five chapters.First of all,in the first chapter of the introduction of the topic of the background and research significance,combined with domestic and foreign research combing the review of the necessity and feasibility of this topic,and then introduced the research methods and research ideas.In the second chapter,the author defines the concept of buyout fund involved in this paper,and also describes the market of buyout fund of listed companies in China.It introduces the development process of buyout fund of listed companies in China,and the motivations of buyout funds.The problems and so on.Finally,through the comparison with the US buyout fund,it points out the difference between the Buyout fund and the buyout fund of the listed company in our country.In the third chapter,the author makes a theoretical study on the impact of buyout funds on corporate performance,and introduces the relevant theoretical basis of M & A,such as synergistic effect theory,market power theory and value underestimation theory.Through the theoretical analysis,this paper analyzes the positive effects of buyout funds on listed companies,including the timely locking of M & A,the rational use of capital leverage,the reduction of information asymmetry risk in expected mergers and acquisitions,and the integration of resources in the industry.This positive impact is mainly from the table integration,business chain integration,management and business depth of the three levels of integration.The fourth chapter is an empirical study on the impact of buyout funds on corporate performance.This paper chooses 33 listed companies from 2011 to 2013 to study the performance of buyout funds from the listed companies' profitability,operation ability,growth ability,leverage ratio and innovation ability.The empirical results show that the establishment of buyout funds in listed companies is positively correlated with the short-term net profit margin of the Company,and it is negatively correlated with the Company's return on net assets and positively correlated with the Company's innovation ability.After the establishment of mergers and acquisitions fund listed companies in the short term operating capacity to reduce,but the financial leverage of listed companies decreased,the use of funds to improve efficiency.In the fifth chapter,this paper summarizes the research and puts forward the corresponding countermeasures and suggestions.