Tiantang Dakang-"PE+Listed Company" Merger And Acquisition Fund Mode Analysis

"PE+ listed company" merger and acquisition fund mode is an innovative mode of domestic merger and acquisition fund,which has gradually become the mainstream form in China's merger and acquisition fund market.The application and development of the merger and acquisition fund model of "PE + listed companies" is a process of constant exploration and improvement,both for China's listed companies themselves and for China's capital market,which is becoming mature.Tiantang dakang merger and acquisition fund was established in 2011 by PE institution tiantang silicon valley and listed company dakang animal husbandry.It is the first "PE+ listed company" merger and acquisition fund in China.From the initial reasons for the cooperation between dakang animal husbandry and paradise silicon valley to the actual operation process and the withdrawal of the merger fund,the whole process was not smooth sailing,and there were many problems in the middle.This paper will take tiantang dakang merger and acquisition fund as an example,focusing on the problems existing in its operation process,analyzing the reasons for the ups and downs during the period,and optimizing the actual operation,which has important practical reference significance for the good operation of the new mode of merger and acquisition fund jointly established by China's listed companies and PE institutions.In this paper,firstly,the relevant situation and concept of "PE+ listed company" merger and acquisition fund model are elaborated,and the theoretical basis is laid.Then heaven buy-out funds sport,for example,analysis of listed companies and joint establishment of PE,a brief description of animal husbandry and sport tiantang silicon valley combined the general situation of the establishment of a fund for mergers and acquisitions,mergers and acquisitions fund mode mainly discusses specific implementation and the actual operation,detailed description of fund-raising,the underlying project investment management,mergers and acquisitions fund exit,earnings and management fee arrangement,analysis of animal husbandry sport understand buy-out funds running effect of the financial data.Secondly,this paper analyzes the problems occurred in the mode of tiantang dakang: the progress of fundraising is not as expected,the withdrawal of the project is tortuously,and the implementation of the profit assessment and income distribution regulations is difficult.This paper discusses the causes of the problems,such as the dual principal-agent conflict,the poor management of investment projects and the single exit channel.Finally,according to four aspects: fund architecture,mark after project investment and investment management costs and benefits and management arrangements,exit mechanism,this paper put forward the optimization scheme,new mode of mergers and acquisitions fund security advice at the same time,there are mainly three listed companies,PE institutions and external supervision level,to make "PE + listed companies" m&a fund new mode to run effectively,continuous improvement to mature.