Study On The Impact Of "PE+Listed Company" M&A Funds On The Performance Of Listed Companies

The development of the market economy has put forward higher requirements for enterprise reform.If enterprises want to gain a firm foothold in the fierce market,they must improve their business capabilities.Many companies expand their business coverage through mergers and acquisitions,and enhance their strength and The right to speak,and at the same time optimize internal resources and improve their market competitiveness.However,a company’s capabilities and resources are limited after all.If it expands blindly,it will not only bring huge pressure on the company’s capital,but also affect the normal operation of the business.If the listed company can reach a cooperation agreement with PE to jointly set up a M&A fund,it can not only raise the required funds in the short term,but also have more professional investment knowledge and find more high-quality targets in the market.synergistic effect.This type of model has been gradually promoted and applied in the Chinese market,and has achieved remarkable results.This article focuses on the“listed company+PE”M&A fund established by Aier Ophthalmology in 2014,Qianhai Oriental Fund,to analyze the performance changes of the listed company before and after the establishment of Qianhai Oriental M&A Fund.This paper is divided into six parts:the first part expounds the research background and significance,and analyzes and summarizes the research status of M&A funds,and puts forward the research ideas and content of this paper;the second part is about "listed companies+The related concepts and theories of PE" M&A funds and M&A performance are displayed as the basis for the research.The third part firstly analyzes the operation of Aier Ophthalmology,the target company of this research,and the purpose of setting up the"listed company+PE" M&A fund.After that,the fourth and fifth parts build the performance rating system of Qianhai Orient Fund,and use event analysis method combined with financial indicators and DEA model to evaluate the short-term and long-term benefits brought by the fund to Aier Ophthalmology.It was found that the establishment of the buyout fund can promote the expansion of the listed company’s Aier ophthalmology business in the short term,and at the same time make the listed company’s stock price rise rapidly,achieving a short-term increase in excess return.In addition,the"listed company+PE" type M&A fund not only allowed the listed company Aier Ophthalmology to improve its own profitability,but also improved its internal management and operational capabilities,and promoted the listed company to implement long-term strategic plans.Short-term solvency is showing signs of weakening slightly due to the sudden increase in assets.Finally,through empirical research,it provides listed companies with the strategy of M&A funds,and provides a certain reference for M&A through the "listed company+PE" mode of M&A funds.