The Value Creation And Effect Analysis Of "Listed Company+PE" Merger And Acquisition Fund To Enterprises

In 2011,under the joint action of the national industrial policy and the market,a new mode of merger and acquisition fund--"listed company +PE" type merger and acquisition fund is active in the capital market.However,in practice,the mode of M&A fund has also aroused many doubts,such as whether its application is beneficial to improve enterprise operating conditions and realize enterprise value enhancement.This paper firstly introduces the background,development status and related theories of this mode of M&A fund,then analyzes the mechanism and path of its value creation for listed companies,and finally evaluates its impact on enterprise value from three dimensions(short-term value,synergistic effect and EVA).Finally,the research shows that this type of M&A fund mainly creates value from value discovery,holding and promotion,and ultimate value realization.In terms of short-term value,event study method is used to analyze.AR and CAR are positive in the selected event window period,and enterprise value is improved in the short term.In terms of synergistic effect and operation synergy,the scale and market of Jincheng Pharmaceutical rapidly expanded,and the scale effect was significant.In terms of financial coordination,Jincheng Pharmaceutical has some short-term improvement in profitability and growth capacity,but no obvious effect on operating capacity,and lack of momentum,and poor long-term financial performance;In terms of innovation synergy,Jincheng Pharmaceutical’s R&D investment keeps increasing to improve its research and innovation capacity.From the perspective of long-term value creation,The EVA value and growth rate of Jincheng Pharmaceutical have increased significantly.On the whole,the operation of "listed company +PE" type merger and acquisition fund has a significant positive effect.In this paper,combined with the case of Jincheng Pharmaceutical for the "listed company +PE" type of M&A fund operation research and analysis,in the operation of this mode can absorb the following experience: improve the active management ability of M&A fund;To ensure the stability of control rights of listed companies;Clarify the investment direction of "listed company +PE" mode m&a fund;Strengthen the risk prevention and control in the process of merger and acquisition,namely structural arrangement.For Jincheng Pharmaceutical,the long-term performance improvement is determined by the improvement of its industrial chain and the upgrading of the company’s strategy.The suggestions for Jincheng pharmaceutical are as follows:first,formulate reasonable sales policy and improve operation capacity;Second,increase investment in research and development to improve innovation capacity;Third,the effective integration of m&a resources,enhance the value of the company.