Thesis On The Creative Operation Mode Of Listed Companies Buyout Fund

China's M&A market is developing in a stable direction,and the number and amount of transactions have increased to a certain extent.However,in recent years,with the slowdown of the national economic growth rate,enterprises have gradually turned to cautious from the beginning of blind mergers and acquisitions,promote their own upgrading,and expand the scale of mergers and acquisitions.At this time,enterprises need more buyout funds to achieve mergers and acquisitions to speed up their development.Therefore,the emergence of buyout funds have solved the problem for enterprises.In 2003,the formal establishment of HYI Investment Fund opened the door to the development of domestic buyout funds.This funds have become the mainstream of listed companies' M&A standards.However,different buyout funds operation modes have their advantages and disadvantages.Companies need to choose the appropriate mode of operation based on their own circumstances.This article is divided into six chapters.The first chapter is the introduction,introduces the research background and significance of this paper,expounds the research ideas and research methods,then writes the research content and framework,and puts forward the innovation and deficiencies.The second chapter is the literature review and theoretical basis.The literature review focuses on the operation mode of buyout funds,selection motivation,performance and risks.The theoretical basis describes the theory of synergy,principal-agent theory,value-assessment theory,and information misconception,paving the way for the following research.The third chapter is the analysis of the development of the operation mode of China's buyout funds.This paper expounds the development of the M&A fund market,and summarizes the three operational modes and characteristics of the current buyout funds.The fourth chapter introduces the basic situation of this case.Taking Watertek Information Technology Co.,Ltd.as an example,it introduces the details the transaction content.The fifth chapter is case analysis.Based on the operation mode of the Watertek Information selection,the specific factors are selected in the buyout fund operation mode,and the motivations for selecting this operation mode and the control of related risks,and the resulting performance are analyzed.Chapter 6 presents the research conclusions and recommendations.Firstly,the relevant research conclusions of the operation mode selection of buyout funds are summarized.Secondly,several targeted suggestions are proposed from the problems that may exist in the operation mode adopted by the company.The contribution of this paper is mainly reflected in the particularity of the cases selected in this paper.Generally,listed companies use buyout fund to achieve mergers and acquisitions,often adopting the "listed company+PE" mode,that is,the listed companies directly participate,but in this case,the Watertek Information does not adopt this mode,but chooses "listed company controlling shareholder+PE" Operation mode,and stock-for-stock transaction is a way of exiting the buyout fund to achieve the acquisition of the target company.At the same time,in this model,it is the first listed company that has successfully passed the supervision of the CSRC through the structured arrangement of the buyout fund.Although the buyout fund has been developed for several years before,there is no case of structured arrangement in the buyout fund operation mode.Therefore,this paper analyzes the reasons for the listed company's selection and innovative operation mode through the use of the the Watertek Information to use the case of Huida Fund and Xinyu Jingda.However,there are some problems,and some research suggestions are summarized.