Analysis On The Impact Of "Listed Companies+PE" Merger And Acquisition Fund On Enterprise Value Creation

At present,many listed companies in China have set up industrial M&A funds to expand their industrial chains and achieve enterprise value creation.At present,China is in the important development stage of supply side structural reform.Under the guidance of relevant national industrial policies,the "listed companies +PE" type M&A fund has gradually entered people’s vision.This new type of M&A fund has been developed for more than ten years now.In this context,this thesis discusses the impact of the "listed company +PE" type M&A fund on enterprise value creation,taking Boya Biotech,the first listed company in the pharmaceutical industry that has fully realized the process of raising,investing,managing and withdrawing under the operation of the "listed company +PE" type M&A fund as a case.This thesis is divided into five chapters for analysis.The first chapter sort out the previous research literature,starting with the research status of "listed companies +PE" type M&A funds,and find that the number of M&A funds have still increased in recent years,which show that most companies still pay attention to "listed companies +PE" type M&A funds.From the perspective of the establishment motivation,this type of M&A funds can help listed companies achieve industrial chain integration,effectively reduce M&A risks,and improve M&A efficiency,and most of the research shows that M&A funds can bring positive value creation to enterprises.Based on the above research,this thesis determines the basic research framework and research methods.The second chapter further defines and elaborates the relevant concepts and theories of M&A funds and their value creation involved in this study,and introduces the organizational form and operation mode of "listed companies +PE" M&A funds in detail to help readers further understand the content of the impact of value creation in the subsequent study.The third chapter introduces the details of the M&A fund established by the case company studied in this thesis,including the various participants,the establishment motivation and the specific operation process of the case M&A fund.The fourth chapter calculates and evaluates the enterprise value of Boya Biotech based on the EVA model,studies the value creation brought by the M&A fund according to the calculation results and the characteristics of the M&A fund,and then divides the value drivers affecting EVA into three direct value drivers and four indirect value drivers by decomposing the EVA calculation formula,and then carries out specific analysis to study the specific path of the M&A fund to create value,Among them,indirect value drivers can influence value creation by influencing direct value drivers.The last chapter is the conclusion and inspiration part.According to the analysis results of this thesis,the establishment of M&A funds to implement M&A operations can effectively bring significant value improvement to enterprises in the short term.In the long term,the effect of value creation is weakened compared with that in the short term,but it can still provide greater value creation for enterprises.In addition,the main way for M&A funds to realize value creation is to change the value of enterprises through refined operation,which generates financial synergy,operation synergy,management synergy and innovation synergy at all stages of operation.Through the analysis of the case companies in this thesis,it is found that the "listed company +PE" type M&A fund can create value because it has produced a variety of synergy effects and can have a good positive impact on the value of enterprises in the short and long term.However,in this case,Boya Biotech and Gaotejia,who cooperated in the merger and acquisition,already had a long-term cooperative relationship,and the success of this merger is also based on the cooperation foundation of both parties.Therefore,enterprises still need to be cautious to create enterprise value in the form of establishing such a merger and acquisition fund.If such a merger and acquisition fund has been established,they should also be cautious in the investment process,and carefully select the investment target in combination with their own conditions to provide good conditions for enterprises to create value.