Research On Exit Strategy Of Industrial Investment Fund After Participating In Merger And Acquisition Of Listed Companies

With the rapid development of China's economy,combined with the external economic environment and the advantages of industrial investment funds,industrial investment funds have gradually become another important channel of financing for Chinese enterprises,promoting the development of China's economy to a better trend.The operation mode of industrial investment fund can be roughly divided into three stages: financing,investment and withdrawal.Withdrawal,as the most important operation link,is not only related to the profitability of industrial investment funds,but also determines the sustainable development of industrial investment funds.The main exit modes of our national industrial investment fund are IPO withdrawal,M&A withdrawal,equity repurchase withdrawal and bankruptcy liquidation withdrawal.Among them,the proportion of IPO exit is relatively large,and compared with other ways of exit,the investment return of IPO exit is higher.Prior to 2014,industrial investment funds in China mainly depended on the IPO listing of investment project companies in the capital market to achieve high return on investment exit.However,in recent years,the raising of the threshold for issuing stocks on the main board has restricted the smooth development of industrial investment funds.With the current upsurge of M&A and restructuring in China,many industrial investment funds help listed companies with M&A needs to acquire the same industry or upstream and downstream enterprises for business transformation and new business development.At this time,the withdrawal mode of such industrial investment funds has become another issue worthy of discussion.Based on the study of the Industry Investment Fund Exit,this paper analyzes the case of Changdian Technology's acquisition of Xingke Jinpeng.Firstly,this paper combs the relevant theories and literature of industrial investment fund,introduces the business model and process points of industrial investment fund,and then illustrates the key points and key points of exit operation of industrial investment fund after participating in the merger and reorganization of listed companies from the specific case of Changdian Science and Technology Merger and Acquisition of Xingke Jinpeng.This paper analyses in detail how industrial investment funds,as one of the financial investors,formulate exit strategies,how to use listed companies as exit channels,and how to design and arrange for the signing of debt-to-equity swap and equity sale agreements in advance.Let industrial fund investors further realize the necessity of rationally arranging exit strategy.Subsequently,this paper draws some enlightenment on the formulation of Exit Strategy of Industrial Investment Fund,which provides a lot of useful experience for the same industry investment funds that want to withdraw after merger and reorganization of listed companies.At the same time,it broadens the exit channels of industrial investment funds in China,and plays a certain role in the improvement of China's financial system.It also hopes to help solve the problem of narrow exit channels of industrial investment funds in China.Finally,on the basis of the previous analysis,it is concluded that the listed companies as the exit channel may become another important way for China's industrial investment funds to withdraw.