会计学院知识库

  “实业+资本”是当前中国企业产融结合、转型升级的有效路径，有助于促进企业价值创造。并购基金由于其模式灵活且与市场需求相适应，在产业资本与金融资本高度结合的趋势下兴起。资本和人力是企业价值创造的必要资源，爱尔眼科通过“上市公司+PE”型并购基金运作，拓展外延增长方式，企业规模迅速扩大。“合伙人计划”的加持，使企业市值显著提升。但并购基金具体如何影响企业价值创造，影响效果如何，是文章研究的主要内容。

  文章首先对涉及的相关研究文献进行总结梳理，详细介绍“上市公司+PE”型并购基金运作模式进行详细介绍，从股东和债权人角度选取了企业价值创造能力评价指标。其次，简要介绍爱尔眼科企业概况及眼科医疗行业发展现状，总结爱尔眼科参与设立并购基金的动因，梳理其参与设立并购基金的过程。同时介绍爱尔眼科并购基金运作模式，重点分析其并购基金运作过程中存在的风险。继而深入剖析并购基金运作对爱尔眼科价值创造的影响路径，即爱尔眼科如何通过产业并购基金运作影响价值创造。最后，通过企业价值变动、市场价值变动和综合财务能力变动等方面，来衡量并购基金运作对爱尔眼科价值创造的影响。具体而言，爱尔眼科产业并购基金运作有助于企业价值和综合财务能力的提升，对股价产生了较为明显的影响，有助于企业市值的提升。通过对爱尔眼科产业并购基金运作的相关研究，希望能给通过并购基金实现产业链延伸、规模化扩张的企业提供一定的借鉴。

    "Industry+Capital" is a practical path for Chinese enterprises to integrate industry and finance, transform and upgrade, and promote corporate value creation. Due to its flexible model and adapting to market demand, M&A fund has emerged under the trend of high integration of industrial capital and financial capital.Capital and manpower are necessary resources for the creation of corporate value. Capital and human resources are necessary resources for the creation of corporate value. Through the operation of "Listed company + PE" mergers and acquisitions fund model,Aier Ophthalmology has expanded its extensional growth method, and its scale has expanded rapidly. Coupled with the implementation of the "Partner program", the market value of the company has increased significantly. However, how M&A fund affects the creation of corporate value and the extent of the impact are the main content of the article's research.

      The article first summarizes and combs the related research literature, introduces the operation of "listed company + PE" mergers and acquisitions fund model in detail, and selects the evaluation index of corporate value creation ability from the perspective of shareholders and creditors.Then, it introduces the situation of Aier Ophthalmology and the development status of the ophthalmic medical industry, summarizing the motivations of Aier Ophthalmology's participation in establishing M&A fund, and sorts out the process of its involvement in the establishment of M&A fund. At the same time, it introduced the operation mode of Aier Ophthalmology Buyout Fund, focusing on analyzing the risks in the process of its M&A fund operation. Then it deeply analyzes the influence path of M&A fund operation on the value creation of Aier Ophthalmology, that is, how Aier Ophthalmology influences value creation through the operation of industrial M&A fund. Finally, the impact of the operation of M&A fund on the value creation of listed companies is measured by the degree of change in three aspects: corporate value, market value and comprehensive financial capability.Specifically, the operation of the Aier Ophthalmology Industry Buyout Fund has contributed to the improvement of corporate value and comprehensive financial capabilities, has had a more obvious impact on the stock price, and contributed to the increase of corporate market value. Through the relevant research on the operation of the Aier Ophthalmology Industry Buyout Fund, it is hoped that it can provide a certain reference for enterprises that want to realize the extension of the industrial chain and scale expansion through M&A fund.