Research On The M&A Performance Of Listed Companies From The Perspective Of Listed Companies Founding M&A Funds

At present,the Chinese economy is going through deep reform and the capital market is faced with M&A waves.In order to find the better subject more efficiently than the company by itself;broaden the financing channels,ease the financing constraints problems faced with companies when they implement mergers and acquisitions to expand themselves;simplify the approval process of M&A;reduce the risk of M&A,many listed companies as the main sponsors are founding the M&A funds with private equity institutions.They use the M&A funds as the listed companies' M&A platform for their expansion or transformation.This paper study the M&A performance of listed companies from the perspective of listed companies founding M&A funds.It tests the application of the M&A funds founded by listed companies whether correspond to the original intention of listed companies' setting up them;whether can listed companies implement M&A through the M&A funds bring good performance and create value.This paper summarizes the M&A funds founded by listed companies and uses descriptive statistics method to analyze their status from January 1,2011 to October 31,2015 to summarize the basic characteristics of them.On that basis,this paper uses the transaction cost theory,signaling theory,theory of financing constraint on enterprise's investment,agency theory to analyze the M&A performance with the method of listed companies implementing M&A through the M&A funds founded by themselves from the theoretical level.Then,it applies the event analysis and case analysis to verify the market performance and financial performance of the listed companies implementing M&A through the M&A funds founded by themselves respectively combined with the reality of the M&A funds founded by listed companies.For further study,this paper uses the comparative analysis method to compare the M&A performance with the method of listed companies implementing M&A through the M&A funds founded by themselves with the M&A performance with the method of listed companies implementing M&A directly.Through these analysis,it found that: the listed companies implementing M&A through the M&A funds founded by themselves can bring good short-term market performance and financial performance.Also,the listed companies implementing M&A through the M&A funds founded by themselves has more remarkable advantages in looking for acquisition targets,reducing the acquisition risk,shortening the cycle of mergers and acquisitions,optimizing capital allocation and improving the management level of investment than listed companies implementing M&A directly.It can achieve the listed companies' intention.But it is found that behind the listed companies implementing M&A through the M&A funds founded by themselves,there are still some environmental variables which would have caused some problems.For that,this paper analyses the causes of these problems and puts forward corresponding countermeasures from the listed company's perspective,PE industry's perspective,regulators' perspective and legal perspective.