The Influence Of "Listed Companies+PE" M&A Fund On Enterprise Value

At present,China is in an important stage of economic structure transformation and u pgrading.It is an inevitable trend for traditional industries to transform to intensification an d scale,and M&A is an important means to promote economic structure transformation an d upgrading.Since 2011,under the guidance of the national industrial policy and the combi ned action of the market environment,a new type of merger and acquisition fund with Chi nese characteristics--"listed companies+PE" merger and acquisition fund has been promot ed.Once launched,this type of merger and acquisition fund has attracted the attention of m any listed companies in the capital market.However,in practice,this type of M&A fund ha s also raised many questions,such as whether there is insider trading,profit transmission a nd other issues.Therefore,it is particularly important to study whether this type of merger and acquisition fund can enhance the enterprise value,improve the operation and financial situation.This paper starts with the background of "listed companies+PE" M&A fund,sorts out relevant literature,defines the relevant concepts and theoretical basis of "listed companies+PE" M&A fund,and analyzes the overall situation of "listed companies+PE" M&A fund.B ased on the case of "Jingxin Pharmaceutical+PE",this paper explores the specific motivati on for Jingxin Pharmaceutical to set up this type of M&A fund.To evaluate the influence o f "listed companies+PE" M&A fund on the value of Jingxin Pharmaceutical enterprises fro m three dimensions: short-term value effect,synergistic effect effect and economic value a dded effect.The research results show that,in terms of short-term value impact,AR and C AR are positive in the short term after the establishment of M&A fund,and enterprise valu e is improved to a certain extent.After analyzing the synergies,the conclusion is drawn: in terms of operating synergies,the production scale of Jingxin Pharmaceutical Co.In terms o f financial synergy,the profitability and growth ability of Jingxin Pharmaceutical company improved significantly after the establishment of this type of merger and acquisition fund,while the operation ability did not improve significantly,and the comprehensive financial ability value increased to a certain extent.In terms of innovation synergy,since the establish ment of the merger fund,the R&D investment of Jingxin Pharmaceutical Co.,Ltd.keeps in creasing,and the company pays more attention to the improvement of R&D innovation abi lity.In terms of human resources coordination,the staff quality has been improved after the establishment of M&A fund,and the staff structure is more reasonable.In terms of analyzi ng the impact of economic value added,EVA growth rate of Jingxin Pharmaceutical indust ry increased significantly after the establishment of M&A fund.Through the study of anoth er 43 pharmaceutical enterprises EVA that set up this type of merger and acquisition fund,i t is found that most pharmaceutical enterprises have increased the company value after sett ing up the "listed companies+PE" merger and acquisition fund.In this paper,the suggestions for Jingxin Pharmaceutical are as follows: first,increase the R&D investment and improve the innovation capability;second,formulate a reasonabl e sales policy,improve the operation capacity.The suggestions for pharmaceutical enterpri ses are as follows: first,set up the merger and acquisition fund rationally,and avoid blindly following the trend;second,the real choice of merger and acquisition target,the formation of strong joint;third,effectively integrate merger and acquisition resources to enhance the value of the company.