The Value Effect Of "Listed Companies+PE" Buyout Funds

Nowadays,the economy of China is undergoing an important stage,which the traditional industries have to be transformed and upgraded.The transformation of traditional industries to intensive and large-scale transformation will inevitably require companies in the industry to carry out mergers and acquisitions integration.At the same time,the seventh wave of global mergers and acquisitions is coming.Domestic companies play an important role in it.Since 2015,many large-scale M&A events have occurred in China's capital market.Among them,the most notable is the emergence of"Listed Companies + PE" buyout funds in the mergers and acquisitions."Listed Companies + PE" Buyout Funds is established by a listed company and Private-equity funds.The "Listed Companies + PE" buyout funds can link the primary market and secondary market for listed company's strategy.This type of buyout funds with Chinese characteristics have attracted many listed companies in the capital market.However,the lack of financial supervision has cause caused a lot of controversy:Is it just a means of market value management?Will it become a channel for insider-dealing?Whether it will become a safe haven for the benefit of related parties?Based on theoretical analysis and empirical analysis,this thesis hopes to combine the specific circumstances of "Listed Companies + PE" buyout funds to explore the value effect of this type of buyout funds.First of all,the paper introduces the development of domestic private equity funds and review the relevant theories and literature.Secondary,the paper analyzes the value effect of "Listed Companies + PE"buyout funds and relevant influencing factors from the theoretical and practical aspects.Moreover,the data in this article is derived from the announcement of listed companies which established "Listed Company + PE" buyout funds from 2011 to 2015.This paper uses double difference method to test whether it creates value for listed companies.Based on this,this paper also examines whether the nature of the property rights of listed companies,the industry,and the purpose of the acquisition of buyout funds will affect the value effect of "Listed Company + PE" buyout funds.Finally,based on the test results of theoretical analysis and empirical analysis,this paper puts forward suggestions and opinions on buyout funds under the new model.