Research On The Application Of Buyout Funds To The Market Value Management Of China's Listed Companies

The pattern of listed companies involved in the establishment of buyout funds has arisen in China's A-share market in recent years,and reached a comparative large scale at the year end of 2015.Listed companies involved in the establishment of buyout funds is mainly to reserve resources for M&A activities,and their cooperation with professional bodies also helps to expand the space for future capital operation.This pattern has become listed company's new tool of market value management.In this paper,the samples contain nearly all the disclosed cases of China's listed companies involved in the establishment of buyout funds from 2013 to 2015.The following researches were made:(1)Analyzing the situation of China's listed companies involved in the establishment of buyout funds;(2)summarizing and analyzing the operating model of buyout funds by using the typical cases;(3)using statistical analysis methods such as paired t-test,one way ANOVA and multiple linear regression analysis to test the effect of market value management of listed companies involved in the establishment of buyout funds.This paper draws the conclusion that the market value management's effect of listed companies involved in the establishment of buyout funds is significantly better than the market index in the short,medium and long term.