我国并购基金运作模式研究

发布时间：2018-01-24 05:46

本文关键词： 并购基金 “上市公司+PE”型并购基金运作模式　出处：《对外经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：近几年，“上市公司+PE”型并购基金如雨后春笋般不断涌现出来，目前已有若干家上市公司公告了与PE机构共同设立并购基金的合作事项，著名PE机构天堂硅谷合作的上市公司包括大康牧业、合众思壮、京新药业、升华拜克等多家上市公司，行业涉及范围广泛。因此，，随着“上市公司+PE”型并购基金在我国的逐步兴起，对我国并购基金运作模式的研究特别是对“上市公司+PE”型并购基金的研究都是非常有意义的。本文首先从我国并购基金的发展情况入手对我国并购基金的发展进行了研究。然后对并购基金的基本运作模式进行了深入分析，之后将我国并购基金从管理人的性质背景角度分为PE系并购基金、券商系并购基金以及产业系并购基金三大类，从而对我国并购基金的现行运作模式进行了研究，特别是对创新模式“上市公司+PE”型并购基金（产业系并购基金的典型模式）进行了重点分析，进而将我国传统并购基金PE系并购基金、券商系并购基金与“上市公司+PE”型并购基金进行了对比分析。接着，本文通过国内外并购基金的运作案例对不同的运作模式进行了案例分析。最后，本文提出“上市公司+PE”型并购基金运作模式清晰明确，风险预期可控，符合低风险“杠杆收购”的特点，具备极强的可复制性，是适应我国国情发展的、目的性较强的并购基金，随着这种创新型并购基金的不断涌现，我国并购基金领域已步入快速发展通道，“上市公司+PE”型并购基金将成为我国私募股权投资市场中极其重要的一种市场类型。本文最后也提出了从目前“上市公司+PE”型并购基金的设立模式对其后续实际运营进行产生影响的角度所需关注与探讨的问题。
[Abstract]:In recent years, "listed companies PE" M & A funds have sprung up, and several listed companies have announced the cooperation of establishing M & A funds with PE institutions. The famous PE organization Paradise Silicon Valley cooperation listed companies include Dachang Animal Husbandry, Johongsizhuang, Beijing New Pharmaceutical, sublimation Baike and many other listed companies, the industry involves a wide range of. With the gradual rise of "PE" M & A funds of listed companies in China, the study on the mode of operation of M & A funds in China, especially on "PE" of listed companies " The research of M & A funds is very meaningful. In this paper, the development of M & A funds in China is studied from the perspective of the development of M & A funds in China, and then the basic operating mode of M & A funds is deeply analyzed. Then the M & A funds in China are divided into PE M & A funds, securities firms M & A funds and industry M & A funds from the perspective of the nature background of managers. Therefore, the current mode of operation of M & A funds in China has been studied, especially the innovation mode of "PE" M & A funds of listed companies (typical mode of M & A funds of industry department). Then the traditional M & A fund PE M & A fund, the securities company M A fund and the listed company PE M A fund are compared and analyzed. This paper analyzes the different operation modes through the operation cases of M & A funds at home and abroad. Finally, this paper puts forward that the PE M & A fund operation model of listed companies is clear and the risk expectation is controllable. In line with the characteristics of low-risk "leveraged buy-out" and with strong replicability, it is a highly purposeful M & A fund adapted to the development of China's national conditions. With the continuous emergence of this innovative M & A fund. The field of M & A funds in China has stepped into a rapid development path. "listed company PE" M & A fund will become an extremely important market type in the private equity investment market of our country. Finally, this paper also puts forward the "listed company PE" from the current "listed company PE". Type A M & A funds need to be paid attention to and discussed from the point of view that the establishment mode of M & A fund has an impact on its subsequent actual operation.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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