【作者】 李英；

【导师】 马郑玮；

【作者基本信息】 中国石油大学(北京) ， 会计专业硕士（专业学位）， 2020， 硕士

【摘要】 近几年,随着我国经济增速的逐渐放缓,去产能、提质量、改进经济结构开始成为市场的重心。在这样的大背景下,企业纷纷通过转型升级来谋求发展,直接带动了我国并购市场的火热发展,也催生了“PE+上市公司”模式的出现。“PE+上市公司”并购模式,简单来说就是上市公司联合PE成立并购基金,由并购基金帮助上市公司进行并购的模式。这种模式能够结合上市公司和PE两方各自的资源,形式优势互补,达到双赢的效果,因此受到了资本市场的追逐。但是由于这种模式比较新,且我国资本市场并不是很完善,导致这种模式在运作过程中存在很多的问题和风险。在实际运用的过程中并没有发挥出该模式理论上的价值。因此,本文想通过案例研究,来分析木林森是如何利用该模式成功并购朗德万斯的,运用该模式并购是否能够给上市公司和PE方带来预期的效果。本文首先对“PE+上市公司”模式进行了详细的介绍,包括其定义、主要的形式、优势以及在发展中遇到的问题,使读者能够对“PE+上市公司”模式有大致的了解。其次,阐述了选取本案例的原因,并对木林森并购朗德万斯的案例进行了全面的介绍。紧接着,分析了并购的动因和“PE+上市公司”模式的具体运作,研究了运用该模式对上市公司和PE产生的有利影响及风险,然后,从多方面分析了该模式运作后的效果,并得出结论:采用“PE+上市公司”并购基金能够帮助上市公司很好的完成产业整合,并引入战略投资者。但是对PE来说,该模式虽然能提前锁定退出渠道,但其投资收益存在较大的不确定性。不过PE也可以借助该模式完成产业布局,产生长期投资的收益。在文章的最后,总结了该案例成功的经验和不足,提出了相应的建议,为以后该模式的发展提供了帮助。更多还原

【Abstract】 In recent years,with the gradual slowdown of China’s economic growth,reducing production capacity,improving quality,and improving the economic structure have become the focus.Under such a big background,enterprises have pursued development through transformation and upgrading,which directly led to the fierce development of China’s merger and acquisition market,and also gave birth to the emergence of the "PE+ listed company" model.The "PE + listed company" merger and acquisition model is simply a model in which a listed company joins PE to establish a merger and acquisition fund,and the merger and acquisition fund helps the listed company to carry out a merger and acquisition.This model can combine the respective resources of the listed company and PE,complement each other in form,and achieve a win-win effect,so it has been chased by the capital market.However,because this model is relatively new,and China’s capital market is not very perfect,there are many problems and risks in the operation of this model.In the process of practical application,the theoretical value of this model has not been exerted.Therefore,this article wants to analyze how MLS used this model to successfully acquire LED VANCE through a case study,and whether this model of acquisition can bring the expected effects to listed companies and PE parties.This article first introduces the "PE + listed company" model in detail,including its definition,main forms,advantages and problems encountered in the development,so that readers can have a general understanding of the "PE + listed company" model.Secondly,the reasons for the selection of this case are expounded,and the case of MLS merger and acquisition of Land Vance is fully introduced.Immediately afterwards,it analyzed the motivation of mergers and acquisitions and the specific operation of the "PE + Listed Company" model,and studied the beneficial effects and risks of using this model for listed companies and PE,Then,it analyzes the effects of the model operation from various aspects,and concludes that the use of "PE + listed company" merger and acquisition funds can help listed companies complete industrial integration and introduce strategic investors.But for PE,although this model can lock the exit channel in advance,its investment income is subject to greater uncertainty.However,PE can also use this model to complete industrial layout and generate long-term investment returns.At the end of the article,the successful experience and shortcomings of this case are summarized,and corresponding suggestions are put forward,which will help the development of the model in the future.更多还原