本文關(guān)鍵詞： 并購基金 “上市公司+PE”型并購基金 運(yùn)作模式　出處：《對外經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：近幾年，“上市公司+PE”型并購基金如雨后春筍般不斷涌現(xiàn)出來，目前已有若干家上市公司公告了與PE機(jī)構(gòu)共同設(shè)立并購基金的合作事項(xiàng)，著名PE機(jī)構(gòu)天堂硅谷合作的上市公司包括大康牧業(yè)、合眾思壯、京新藥業(yè)、升華拜克等多家上市公司，行業(yè)涉及范圍廣泛。因此，，隨著“上市公司+PE”型并購基金在我國的逐步興起，對我國并購基金運(yùn)作模式的研究特別是對“上市公司+PE”型并購基金的研究都是非常有意義的。 本文首先從我國并購基金的發(fā)展情況入手對我國并購基金的發(fā)展進(jìn)行了研究。然后對并購基金的基本運(yùn)作模式進(jìn)行了深入分析，之后將我國并購基金從管理人的性質(zhì)背景角度分為PE系并購基金、券商系并購基金以及產(chǎn)業(yè)系并購基金三大類，從而對我國并購基金的現(xiàn)行運(yùn)作模式進(jìn)行了研究，特別是對創(chuàng)新模式“上市公司+PE”型并購基金（產(chǎn)業(yè)系并購基金的典型模式）進(jìn)行了重點(diǎn)分析，進(jìn)而將我國傳統(tǒng)并購基金PE系并購基金、券商系并購基金與“上市公司+PE”型并購基金進(jìn)行了對比分析。接著，本文通過國內(nèi)外并購基金的運(yùn)作案例對不同的運(yùn)作模式進(jìn)行了案例分析。最后，本文提出“上市公司+PE”型并購基金運(yùn)作模式清晰明確，風(fēng)險預(yù)期可控，符合低風(fēng)險“杠桿收購”的特點(diǎn)，具備極強(qiáng)的可復(fù)制性，是適應(yīng)我國國情發(fā)展的、目的性較強(qiáng)的并購基金，隨著這種創(chuàng)新型并購基金的不斷涌現(xiàn)，我國并購基金領(lǐng)域已步入快速發(fā)展通道，“上市公司+PE”型并購基金將成為我國私募股權(quán)投資市場中極其重要的一種市場類型。本文最后也提出了從目前“上市公司+PE”型并購基金的設(shè)立模式對其后續(xù)實(shí)際運(yùn)營進(jìn)行產(chǎn)生影響的角度所需關(guān)注與探討的問題。
[Abstract]:In recent years, "listed companies PE" M & A funds have sprung up, and several listed companies have announced the cooperation of establishing M & A funds with PE institutions. The famous PE organization Paradise Silicon Valley cooperation listed companies include Dachang Animal Husbandry, Johongsizhuang, Beijing New Pharmaceutical, sublimation Baike and many other listed companies, the industry involves a wide range of. With the gradual rise of "PE" M & A funds of listed companies in China, the study on the mode of operation of M & A funds in China, especially on "PE" of listed companies " The research of M & A funds is very meaningful. In this paper, the development of M & A funds in China is studied from the perspective of the development of M & A funds in China, and then the basic operating mode of M & A funds is deeply analyzed. Then the M & A funds in China are divided into PE M & A funds, securities firms M & A funds and industry M & A funds from the perspective of the nature background of managers. Therefore, the current mode of operation of M & A funds in China has been studied, especially the innovation mode of "PE" M & A funds of listed companies (typical mode of M & A funds of industry department). Then the traditional M & A fund PE M & A fund, the securities company M A fund and the listed company PE M A fund are compared and analyzed. This paper analyzes the different operation modes through the operation cases of M & A funds at home and abroad. Finally, this paper puts forward that the PE M & A fund operation model of listed companies is clear and the risk expectation is controllable. In line with the characteristics of low-risk "leveraged buy-out" and with strong replicability, it is a highly purposeful M & A fund adapted to the development of China's national conditions. With the continuous emergence of this innovative M & A fund. The field of M & A funds in China has stepped into a rapid development path. "listed company PE" M & A fund will become an extremely important market type in the private equity investment market of our country. Finally, this paper also puts forward the "listed company PE" from the current "listed company PE". Type A M & A funds need to be paid attention to and discussed from the point of view that the establishment mode of M & A fund has an impact on its subsequent actual operation.
【學(xué)位授予單位】：對外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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