The Research Of Buyout Fund Operation Effect By Listed Firm And PE

Under the warming environment of M&A market,a new M&A mode has emerged,that is,the listed companies cooperate with private equity investment institutions to set up industrial M&A funds for project investment and screening,and then the listed companies carry out secondary M&A.Under this M&A mode,listed companies ease the financing constraints of M&A,and use M&A funds to lock in M&A projects in advance for listed companies,which reduces the pre-M&A risks.This paper takes the merger and acquisition fund of the cultural and media industry of Central and South China as a case study.By analyzing the operation and profit model of the merger and acquisition fund,the value creation function of the merger fund,the changes of the financial and non-financial performance of the heavy industry of Central and South China before and after the merger and acquisition,the paper studies the strategic transformation of the merger and acquisition fund of the cultural and media industry of Central and South China.The role of the process.Firstly,on the basis of M&A motivation theory,strategic transformation motivation theory and M&A performance theory,this paper analyses the development,operation mode and value creation of M&A funds in China.Then,it specifically analyses the specific operation of cultural media funds in South China and summarizes their advantages and characteristics which are different from other M&A funds.Secondly,it analyses the market reaction,financial performance and non-financial aspects.The first step is to calculate the cumulative excess return of Zhongnan Heavy Industries in 15 days before and after the announcement of the M&A Fund announcement,and to analyze the general attitude of market investors towards the establishment of the M&A Fund.The second step is to analyze the merger of Zhongnan Heavy Industries through financial indicators.The solvency,profitability,operation ability and development ability before and after purchase.The third step is to study whether the economic benefits of enterprises are improved.The Dupont analysis method is used to analyze the income of enterprises’ investment.The fourth step is to analyze the non-financial performance impact of M&A fund investment activities on enterprises from the aspects of strategic planning,industrial chain layout,market competitiveness and M&A synergy effect.Finally,some suggestions are put forward for the strategic transformation and upgrading of enterprises and the design optimization of M&A funds,which can provide reference for other listed companies to carry out strategic transformation or establish industrial M&A funds.