Empirical Research On The Effect Of Establishment Of "Listed Company +Pe" Mode Industry Merges Fund On A-share Listed Companies

Since 2011,a-share listed companies of China have cooperated with PE institutions to set up industrial merge funds,with an overall scale of over 800 billion yuan.As these funds involving in large amount,huge capital,high leverage,therefore,whether these funds can promote the value of the listed companies and improve the financial situation is very important.In this paper,on the basis of existing research literature,by collating and analyzing existing fund cases on the market,this paper combined the development pattern of these funds,and through the event study analysis of the first case of this kind of funds,this paper found out that,in the short term,the fund cannot promote the price of the listed company;in the medium term,the fund cannot improve the financial situation of the company.Based on these findings,this paper used the funds that set up in 2014 to analyze the prices and the financial situations and found out that these funds can promote the prices of the listed companies in the short term and as time goes by,its share price rise is larger;Through empirical analysis,this paper found that the core element of these funds such as the fund size,the proportion of listed companies capital contribution,the proportion of PE capital contribution,the deny rights of listed companies does not have significant influence on stock price ascension,and the fund's duration has certain negative correlation with the prices of these listed companies.In addition,this paper also uses financial key indicators of ROE preliminary analyze the financial performance of listed companies that set up these funds and found out that these funds did not improve the company's financial situation.Therefore,this paper suggests that the listed companies should set up this kind of funds reasonably and shorten the duration of the fund,and strengthen the synergy between the fund and the company's development.