On The Development Of The Creativity Of Postgraduates

With the development of the capital market,M&A funds have become the mainstream method of mergers and acquisitions of listed companies,and most of them are limited to partnerships.In order to promote effective financing,most of the M&A funds will be structured.The greater the ratio of priority capital to inferior capital,the greater the leverage effect.At present,there are many cases of successful structured M&A funds participating in M&A of listed companies in China,but since the end of 2016,all cases involving M&A funds participating in M&A need to be lifted or adjusted for their structural arrangements to pass the review of the CSRC,such as Gao Xinxing,Trendy Energy,Hualian,etc.In 2019,9 structured funds were successfully filed,but the process was quite slow.At the same time,the introduction of the "New Asset Management Regulations" in 2018 clarified the rules for the supervision of asset management products,which shows that the structured M&A funds The regulatory situation has changed.Therefore,the research in this paper has theoretical and practical significance for the structured use of M&A funds.This article adopts a case study method,and the research object is the application of the structured arrangement of merger and acquisition funds in the case of Trendy Energy M&A.This case is more special.The merger party in this merger and acquisition,Trendy Energy,did not directly acquire the target oilfield assets,but adopted The way of indirect asset injection is to indirectly hold the target oil field by purchasing the 100% property share of the M&A fund Dingliang Huitong;at the same time,the structured design of the M&A party,the private equity fund Dingliang Huitong,is also quite special,its first floor There is no structural design for the funders,namely 1 GP and 12 LPs,but after penetrating upwards,it was found that there are structural arrangements among the 6 LP funders,and the leverage ratio is relatively high,so they were questioned by the SFC twice.Finally,the meeting was dismantled in a structured way,which is also a common way of similar mergers and acquisitions in recent years.This article first describes the research background and significance,sorts out the current research status at home and abroad,introduces the research methods and deficiencies of this article,and explains the related concepts of this article.Secondly,based on the case study method,the basics of M&A participants Situation,the main plan of M&A is introduced including the issuance of shares topurchase assets and the transfer of equity,etc.;then the motives for the introduction of structure in this M&A are studied,and the main focus is on the structured arrangements in the M&A process,in-depth analysis of the compliance and Relevant risks,and their impact on the financial status,equity,and market value of New Wave Energy.Finally,combined with the case and the regulatory development trend of M&A funds,corresponding suggestions are proposed from the perspective of financing of listed companies and the structural design of M&A funds.