金融学院知识库

    近年来伴随着经济的深入发展，国内进入“新常态”时期，“供给侧”改革加速了市场结构的调整，企业发展模式发生改变，开始由内生转向外延，市场上产生了频繁的并购活动。根据国内的经济发展具体情况，政府积极发布各项措施，鼓励并购重组的发展，但2017年，国家出台了再融资和减持新规等政策，监管趋严，PE的退出渠道受阻，市场上的并购活动受到抑制，这时“上市公司+PE”型并购基金应用而生。自2011年首支“上市公司+PE”型并购基金“天堂大康”的设立开始，该模式的并购基金迅速发展，当前已成为并购基金中的最热模式。

   本文从“上市公司+PE”型并购基金产生背景入手，梳理相关文献并界定“上市公司+PE”型并购基金的相关概念、理论基础。基于“九芝堂+PE”这一案例，分析九芝堂设立该类型并购基金具体动因，探究了“上市公司+PE”型并购基金运作过程，从两个方面对并购基金价值创造效果进行分析：在财务指标分析中，九芝堂的盈利能力、偿债能力、成长能力改善较明显，综合财务能力值在一定程度上有所提高，九芝堂通过设立并购基金实现了价值增值。在协同效应分析中，探究并购后企业的经营协同效应、财务协同效应和管理协同效应。“上市公司+PE”模式不仅能够很好的利用上市公司的平台资源，而且可以充分发挥PE的资金优势，能够最大程度上起到管理协同效应，但目前来看，未能很好起到财务协同和经营协同的作用。但从整个发展趋势来看未来可以发挥战略协同的作用。

     最后，本文认为通过利用并购基金开展并购业务，九芝堂企业价值得到了提升，但是设立并购基金开展并购不是没有弊端，并购基金在我国是个新鲜事物，发展过程中也存在一系列的问题。我们要综合考虑各个方面的因素，不仅要督促企业和的经营发展更要充分发挥国家层面的监管。企业要根据实际情况，理性设立并购基金，要充分利用自身资源，选择优质的并购标的；监管机构加大对并购基金的监管力度，完善信息披露，保障股东权益。

In recent years, with the in-depth development of the economy, China has entered a period of "new normal".The development model of enterprises has changed, and it has begun to shift from endogenous to epitaxial, and there has been frequent M&A activity in the market. According to the specific conditions of domestic economic development, the government actively issued various measures to encourage the development of mergers and acquisitions, but in 2017, the state introduced policies such as refinancing and new regulations on reducing holdings, and the supervision became stricter, the exit channels of PE were blocked, the IPO pass rate has reached a record low,and the M&A activities in the market were suppressed. and the application of "listed companies + PE" type buyout funds has emerged. Since the establishment of the first "listed company + PE" type buyout fund "Paradise "Dakang", in 2011, this model of m&a fund developed rapidly and became the most popular model among buyout funds Starting from the background of the "listed company + PE" type M&A fund, this article Collate relevant literature, clarify the related concepts and theoretical basis of "listed company +PE" type M&A fund. Based on the case of "Jiutang +PE", the specific motivation of Jiutang to set up such an M&A fund is analyzed, the operation process of the "listed company + PE" type buyout fund is explored, and the value creation effect of the buyout fund is analyzed from two aspects: in the quantitative analysis of value creation, the profitability, solvency and growth ability of Jiuzhitang have Sharpened the finance and accounting specialized ability, and Jiuzhitang has achieved value appreciation through the establishment of the buyout fund. In the qualitative analysis of value creation, the operational synergies, financial synergies and management synergies of post-merger enterprises are explored. The "listed company + PE" model can not only make good use of the platform resources of listed companies, but also give full play to the financial advantages of PE, and can maximize the management synergy effect, but at present, it has not played a good role in financial synergy and operational synergy. But the totality is on the rise,the role of strategic synergy can be played in the future.

             Finally, this article believes that through the use of buyout funds to carry out M&A business, the corporate value of Jiuzhitang has been improved, but the establishment of buyout funds to carry out mergers and acquisitions is not without drawbacks.We must comprehensively consider all aspects of the factors, not only to supervise the development of enterprises and business, but also to give full play to the supervision at the national level. Enterprises should rationally set up buyout funds according to the actual situation, Use of their own resources, choose high-quality m&a targets; Regulators should strengthen their supervision of m&a funds, improve information disclosure, and protect the rights and interests of shareholders.