Research On The Influence Of "PE+Listed Company" Buyout Funds On Enterprise Value

China’s economy is now transforming from high-speed development to high-quality development,and various industries continue to be integrated and upgraded to scale and intensive development.At the same time,more and more listed companies have taken a fancy to the professional and rich experience of PE institutions in investment and merger,and cooperated with them to launch large-scale industrial merger and acquisition activities in the industry by jointly initiating the establishment of merger and acquisition funds,so as to enhance their comprehensive strength and enhance the value of listed companies.Published by the securities regulatory commission in October 2014 the measures for the administration of material assets reorganization of listed companies and the measures for the administration of the takeover of listed companies,A shares in the process of the merger,acquisition and reorganization of listed companies,if does not involve backdoor listings or the behavior of the purchase of assets through issuing shares,will cancel the administrative examination and approval,at the same time encourage mergers and acquisitions funds,equity funds,industrial investment funds and other investment institutions,participate in the merger,acquisition and reorganization of listed companies in accordance with the law.The Measures for the Management of Material Assets Reorganization of Listed Companies(2016 Revised)issued in September 2016 once again shows the support and encouragement attitude of the regulatory layer for M&A funds to participate in M&A and reorganization of listed companies.It can be seen from the economic environment and institutional background that M&A funds have gradually played a more and more important role in the M&A activities in China’s capital market.Because "PE + listed companies" model of industry mergers and acquisitions fund appeared late in our country,many studies have focused on the development of the fund itself,set up motivation,operation pattern,related risk stage,about mergers and acquisitions fund’s influence on the enterprise value of less,and give priority to with the empirical analysis,only solved can improve enterprise value,is not in-depth analysis of the impact mechanism.There are also a large number of zombie funds in the market,and there are even PE institutions and listed companies against each other,and then the court case,can not make the merger and acquisition funds really play a role in enhancing the value of enterprises.Therefore,through case studies explore "PE+ listed companies" m&a type fund ascension path,and the influence of enterprise value in the operation of analysis of the concrete is how to affect,and evaluate the actual effect of the listed companies use and help correct understanding of the mergers and acquisitions of listed companies mode to the impact of enterprise value,as far as possible,to evade the risks,to plans to adopt the m&a mode of enterprises to provide a little reference value,promote "PE + listed companies" m&a type fund in the healthy development of China.This paper adopts the case study method and selects Lepu Medical as a case enterprise to explore the influence path and practical application effect of "PE+ Listed Company" M&A fund on the improvement of enterprise value.The results show that the "PE+ listed company" M&A fund can indeed produce a driving effect on the improvement of corporate value of listed companies,and its influence is not limited to the time nodes after the completion of M&A activities,but runs through all stages of the operation process of M&A fund.Through the analysis of the value of the capital market,the announcement that Lepu Medical establishes a "PE+ Listed Company" M&A fund can attract a lot of attention from the capital market in the short term,promote the rise of the company’s stock price,and create wealth for shareholders to some extent,but the impact of the announcement effect is relatively limited.With the continuous merger and acquisition activities in the medical industry of Lepp,the listed company has achieved good economic consequences,highly recognized by the capital market,and the market value has been rising all the way in general.Through the analysis of financial performance,it is found that after Lepu Medical has carried out continuous industrial merger and acquisition activities by using the M&A fund,significant synergistic effects have been formed among various business segments and subsidiaries within the group under the apparent phenomenon of substantial increase in the scale of assets and revenue and continuous increase in market value.In this way,the profitability,operation ability and long-term development ability of the listed company are significantly enhanced,which is higher than that of other enterprises in the same industry without the establishment of merger and acquisition fund in the same period,which indicates that the enterprise value has been actually improved.It was further verified by the method of economic value added that after Lepu Medical set up the merger and acquisition fund,the EVA growth rate increased significantly,indicating that the listed company’s ability to create wealth for shareholders was enhanced.At the end of the paper,in view of the main problems and potential risks existing in the development process of domestic industrial merger and acquisition funds,combined with the actual case of this paper,from two different perspectives of merger and acquisition subject and supervision,the relevant suggestions are put forward.