Research On Operation Mode And Risk Of Buyout Funds Raised By Listed Companies And PE

In recent years,China's A-share M&A market has continued to heat up.At the same time,buyout funds have also set off a boom in the A-share market.Due to the limited marketization of China's securities market,the IPO approval is strict,and the system's continuous revision,the exit of traditional buyout funds faces greater challenges.In 2011,Silicon Valley Paradise pioneered the “Listed Company + PE” model.By introducing high-quality investment institutions,amplifying fund-raising capabilities,and “marriaging” with buyout funds,it “protected” its exit channels.Due to its high leverage and fast financing,this model quickly gained favor from listed companies and gradually became the mainstream M&A model in the A-share market.However,this model appears late,and there are few relevant theoretical studies in China.There are risks in the operation of listed company buyout funds and cannot be ignored.In this regard,this paper uses the case study method,based on the related concept theory of “listed companies + PE” and the literature review at home and abroad,taking the case of Metano's acquisition of BBHI as a case,first explaining the background and process of M&A,then The motivation and operational process of the “listed company + PE” model were analyzed and analyzed.Finally,the risks in the model were analyzed in the operational process,with a view to providing relevant risk warnings to other companies using “listed companies + PE”.This paper is divided into five parts.The first part is an introduction.It introduces the research background and significance,literature review,research ideas and contents,as well as the innovation and shortcomings of the paper.The second part is to sort out the concept and related theories of China's “listed company + PE” buyout fund,and introduces the types and operational motivations of the “listed company + PE” model.The third part introduces the background,process and results of the acquisition of BBHI by Metano.The fourth part focuses on the acquisition of BBHI's “listed company + PE” model and risk,and further analyzes the motives of the “listed company + PE” model and the risk identification and risk control of mergers and acquisitions under this model.The fifth part is to share the conclusions and experience of this article from the case study.Through the research in this paper,it is believed that during the recruitment process,Metano and Shanghai Nuomu will use the listed company to increase the credit,and the payment process may use deferred payment to reduce the payment risk,and sign the agreement with the buyout fund to ensure smooth exit channels and other methods worthy of other Companies adopting the “listed company + PE” model draw lessons from the regulatory level,and propose relevant laws and regulations to strengthen information disclosure and other related recommendations.