Research On Risk Management Of "Listed Companies + PE" M&A Funds

In recent years,as the domestic M & a market heats up,more and more private equity investment and listed companies cooperate to establish M & A fund,so a new mode of M & A fund appears,that is,"listed companies + PE" M & A fund.The measures for the administration of major asset restructuring of listed companies implemented in 2014 stipulates that the M & a funds established in accordance with the law are encouraged to participate in the M & A of listed companies.As a new way of financing,M & A fund is more and more used by listed companies.Compared with the traditional way of financing,M & a funds play an increasingly important role in the industrial M & A,transformation and upgrading of listed companies.The emergence of M & A fund in China is late,the market mechanism is not mature,and the relevant laws and regulations are not perfect.As a result,there are many problems such as the listed companies refuse to carry out the second acquisition of the target enterprises,PE institutions involved in insider trading,and the poor management of M & A fund after investment,which have a negative impact on the whole M & a market.This paper selects Dakang,a M & A fund jointly established by Dakang animal husbandry and Silicon Valley paradise,as a case study,and studies the risks faced in the operation of "listed companies + PE" M & A fund based on the theory of risk management.First of all,the paper uses case analysis and literature research to summarize the strategic objectives of the M & A fund and sort out the whole process from establishment to exit of the M & A fund,and relevant negative reports.From the perspective of external risk and internal risk,it identifies the risk factors that affect the realization of the strategic objectives of the M & A fund.Through risk identification,it is found that the merger fund tiantangdakang faces legal risk and regulatory risk in the external risk.In terms of internal risk,tiantangdakang has three types of risks: financial risk,operation risk and exit risk.Among them,the financial risk is mainly reflected in financing and target pricing risk,the operational risk is mainly reflected in insider trading,strategic planning,target selection,principal-agent and target operation risk,and the exit risk is reflected in the default of listed companies and exit channel risk.Secondly,this paper uses principal-agent theory and information asymmetry theory to analyze the identified risks.On the basis of risk identification and analysis,this paper uses the fuzzy comprehensive evaluation method to evaluate the overall risk of tiantangdakang,and draws the conclusion that the overall risk of tiantangdakang is high,while there are high risks in operation and exit.Finally,the paper puts forward corresponding risk response suggestions for the risk of Tiantang Dakang,in order to provide support for the healthy operation of "listed company + PE" M & A fund in China.