并购基金模式的选择:“上市公司+PE”还是“大股东+PE”

Choice of M & A fund model: "listed company+PE" or "Major shareholder+PE" ?

并购重组是公司获得快速发展的重要途径,而合适的融资渠道是企业完成并购必不可少的条件。在国家加大重视金融财税政策完善以及金融产品创新的背景下,并购基金作为一种创新的资金筹措方式,其与以往的股权融资、内源融资以及债务融资方式不同,日益受到上市公司的关注。本文以"上市公司+PE"型并购基金模式下的爱尔眼科并购眼科医院以及"大股东+PE"型并购基金模式下的旋极信息并购泰豪智能为例,对两种并购基金模式下基金设立、投资管理、退出方式以及存在的风险进行双案例比较分析,并对企业在并购交易中引入并购基金存在的优缺点进行总结,以期为上市公司和大股东运用并购基金进行并购融资和创造并购价值提供借鉴意义。

Mergers and acquisitions is an important way for a company to achieve rapid development,and appropriate financing channels are essential for the enterprise to complete the merger and acquisition.Under the background that the country pays more attention to the perfection of financial fiscal and tax policies and the innovation of financial products,merger and acquisition fund,as an innovative way to raise funds,is different from the previous methods of equity financing,endogenous financing and debt financing,and is increasingly welcomed by listed companies.This paper takes the acquisition of eye hospital by Aier Ophthalmology under the mode of"Listed Company+PE"merger fund and Watertek Information purchase Tellhow Intellgence under the mode of"Major shareholder+PE"merger fund as examples to compare and analyze different models.Under the fund establishment,investment management,exit methods and risks,analyze the similarities and differences between the two.It also summarizes the advantages and disadvantages of the introduction of M&A funds in M&A transactions,and makes recommendations for the use of M&A funds by listed companies and major shareholders.