Research Of The Operation Mode Of Buyout Fund In China

The investment behavior in the capital market of China is growing,different investment patterns also emerge in an endless stream,mergers and acquisitions investment is one of the private equity investment fund investment as a originated in the United States,and the extension of one of the buyout funds in Chinese presented the vigorous development trend,is the focus topic in the capital market.Compared with other means of acquisitions,mergers and acquisitions fund for the promotion of China's economic structure adjustment,capital market level,increase enterprise financing channels,optimize enterprise management structure,strengthen the competitiveness of enterprises and other aspects are important,therefore,to promote the healthy development of mergers and acquisitions fund for China's financial market has an irreplaceable strategic significance.While on the one hand,due to the current China's economic and legal system is not perfect,the capital market is not standardized,enterprise competition ability is not high,restricting the ability of such factors as fund management integration,mergers and acquisitions in China fund is not suitable to completely copy the development path of developed countries,other established in 2003 Hony capital as a symbol,the development of China fund mergers and acquisitions so far but more than ten years,most of domestic buyout funds still in mergers and acquisitions fund operation mode explore the localization of the road is not clear.In this context,it is of great practical significance to study the mode of operation of buyout fund.The first chapter of this paper introduces the market situation of China's M & A that fund mergers and acquisitions in China is booming,but compared with the developed countries there are still shortcomings,so the mode of operation and the domestic research fund established foreign fund operation mode,different mode of operation,differences in actual operation behavior and investment effect.To further regulate the acquisition of funds in China and mature opinions;in addition,this chapter also summarizes the research on fund mergers and acquisitions of domestic and foreign scholars,found that the acquisition of foreign scholars fund performance,risk and other issues of research,domestic scholars mostly from the operation mode of mergers and acquisitions fund the classic case,at home and abroad are analyzed;finally,this chapter explains the research framework,innovation and shortcomings.The second chapter introduces the basic concept and development process of fund acquisitions conducted a preliminary interpretation of the definition from the definition,the characteristics of the concept of mergers and acquisitions fund to fund acquisitions,then reviews the emergence,development and maturity of Global Fund mergers and acquisitions process,and summarizes the buyout funds in the purchase and play a role in the transaction.At the end of the paper the concept of mergers and acquisitions fund model,the mergers and acquisitions fund model is divided into four forms of organization,financing channel,investment mode and exit mechanism.The third chapter is a detailed analysis of China's mergers and acquisitions fund mode of operation,from the four aspects of organization,financing channel,investment mode and exit mechanism in China are summarized.The classification and characteristics of mergers and acquisitions fund operation mode,then according to the data of domestic mergers and acquisitions between fund and foreign mergers and acquisitions fund operation mode selection I found the domestic and foreign mergers and acquisitions fund has great difference in investment mode.In the forth chapter and the fifth chapter is the case analysis part,this paper selects the foreign mergers and acquisitions fund capital to buy SDB case and domestic buyout fund set up paradise Silicon Valley paradise Roland case,these two cases is the domestic and foreign fund mergers and acquisitions in the domestic market,the operation of the classic case.The mode of operation of the capital belongs to the mature foreign acquisitions fund operation,comprehensive investment holding,the company's management reform,and then profit from heaven;the case of Silicon Valley is the innovative mode of operation of domestic fund mergers and acquisitions,adopts the method of cooperation with the listed companies to set up fund management and investment,the investment company into cooperation of the listed company.These two modes of operation are of reference to the development of M & A fund in China.The last chapter summarizes and prospects the development direction of fund mergers and acquisitions in China,and puts forward some suggestions,such as encouraging mergers and acquisitions fund to strengthen their professional ability to control,to participate in the investment management of enterprises;release of China's mergers and acquisitions fund financing and exit restrictions;strengthen the control of mergers and acquisitions fund risk.To sum up,based on the concept and development status,this paper analyzes the classic operation cases of domestic foreign acquisition fund,studies the operation methods and effects under different operation modes,and puts forward some suggestions for the development of China's M & a funds.