Research On Post-investment Management Of Buyout Investment Company D By K Capital

In recent years,China’s buyout fund have developed vigorously.According to statistics,986 buyout fund have been raised in China’s equity investment market from 2010 to 2017,of which 813 have disclosed the amount of funds raised,and the scale of fund-raising has reached 704.06 billion yuan.Post-investment management of buyout fund is related to the development of M&A enterprises and the realization of exit plans.Therefore,post-investment management is of great significance to investment work.From the perspective of post-investment management of buyout fund,this paper draws lessons from the research results of post-investment management of buyout fund at home and abroad,studies the post-investment management of K Capital M&A Investment D Company,analyses the post-investment management process and content,analyses the impact of post-investment management on the operating performance of M&A enterprises,and finds out the problems and reasons of post-investment management.The main research methods of this paper are literature research,case study and accounting research.K Capital acquired control of D Company in April 2017,and then carried out post-investment management.At the end of 2018,K Capital withdrew from the management of D Company.In the past two years of post-investment management,K Capital has carried out a lot of work,including: board of directors re-election,selection of senior managers,strategic re-planning and adjustment,risk management and financial monitoring,organizational structure adjustment,internal control and management adjustment,customer stability and development,supply chain reform,human resources reform,financing support,capital operation,etc.From the perspective of operation and finance,the impact of post-investment management of K-Capital M&A investment D company on operating results is as follows: market share is gradually lost,product cost has not been effectively controlled,personnel cost has been controlled,operating performance is poor,and various profitability indicators have declined significantly,which has also led to a sharp decline in the value of K-Capital buyout fund.The main problems of post-investment management are: the differences of shareholders’ management concepts can not be communicated in time,value-added services are given actively,but the core issues are not thoroughly reformed,the adjustment of interest relationship is not in place,and the control ability of the industry is insufficient.The root causes of the post-investment management problems are:the low level of post-investment service,the scarcity of professionals,the limitation of the duration of funds,the insufficient institutional strength to bear the cost of post-investment management,and the imperfect income distribution system of post-investment managers.Post-investment management of buyout fund is a key factor affecting the performance of M&A enterprises.The level of post-investment management determines the value of M&A enterprises.Appropriate,reasonable and scientific post-investment management means can improve the performance of M&A enterprises,and vice versa,reduce the performance of M&A enterprises.