| In the trend of business M&A,buy-out fund has become the key player of the M&A market.However,domestic buy-out fund is not perfect enough,following the pattern of US M&A fund.Domestic researches focus mainly on the condition,advantage,mode and classic cases of public firms setting up buy-out funds.Empirically,they lack of discussions on how M&A through buy-out fund affecting the performance of listed companies.The article will discuss this affect by analyzing the performance of the listed companies before and after M&A through buy-out fund.The article discusses the performance change theoretically and empirically.The article presents the M&A theory and buy-out fund theory and analyzes the exclusive advantages brought by buy-out fund and the effect on listed companies;after analyzing profitability,solvency,shareholder profitability,operation,etc.based on the 117 samples from 2016 to 2017,the article finds out all performance indicators improve except long term solvency;then comparing the integrated scores and running ANOVA,the article finds out that integrated performance improves a lot within 1 year of the M&A,but stays insignificant in the M&A year;but after 1 year,the performance of listed companies improve more and the improvement will show up in year 2.Finally,the article proposes suggestions to the development of M&A fund based on the conclusions. |
