产业并购基金与上市公司价值创造——以瀚叶股份为例

发布时间：2018-05-02 13:00

本文选题：私幕股权 + 流程控制　；参考：《金融与经济》2017年08期

【摘要】：产业并购基金作为一种获取资本的新渠道,不仅解决了融资问题还解决了并购后产业整合的问题,进而实现价值创造。随着我国经济的快速发展,越来越多的"PE+上市公司"组合出现在资本市场。但在实际操作中,很多上市公司设立产业并购基金并没有达到最初的目标——创造价值。那么,设立产业并购基金与上市公司的价值创造到底有什么关系?产业并购基金是否能为上市公司带来真正的价值创造呢?笔者以此为切入点,结合瀚叶股份设立产业并购基金的实际案例,采用比较研究、定性和定量分析方法对瀚叶股份设立产业并购基金前后三年的财务数据进行分析,探究产业并购基金与价值创造的关系,得出:设立产业并购基金与价值创造是正相关的。最后,从四个方面提出完善产业并购基金发展的建议。
[Abstract]:As a new way to obtain capital, industrial M & A fund not only solves the problem of financing, but also solves the problem of industrial integration after M & A, and then realizes value creation. With the rapid development of Chinese economy, more and more PE listed companies appear in the capital market. However, in practice, many listed companies set up industrial M & A funds and failed to achieve the initial goal of creating value. So, what is the relationship between the establishment of industrial M & A fund and the value creation of listed companies? Can industrial M & A fund bring real value creation for listed companies? Taking this as the starting point, combining with the actual case of Hanye share to set up the industrial M & A fund, the author analyzes the financial data of three years before and after the establishment of the industrial merger fund by means of comparative study, qualitative and quantitative analysis. This paper probes into the relationship between industrial M & A fund and value creation, and concludes that the establishment of industrial M & A fund and value creation are positively related. Finally, from four aspects to improve the development of industrial M & A fund proposals.
【作者单位】：江西师范大学财政金融学院;江西师范大学国际教育学院;
【基金】：江西省研究生创新基金“上市公司并购基金风险识别及其防范” 南昌市软科学研究科技项目“南昌民间资本参与风险投资的策略研究”(2010-Rkx-009)
【分类号】：F832.51

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