私募股权投资提升了公司价值吗?——“新宏远创”并购“四川美丰”的案例分析

Does Private Equity Investment Improve the Company Value?——A Case Analysis of New Horizon Merging Sichuan Meifeng

本文以"新宏远创"私募股权基金并购"四川美丰"为例,探讨私募股权投资在提升公司价值方面的经济效应。研究表明,"新宏远创"投资后,"四川美丰"的盈利能力与现金获取能力均有所下降,发展能力无向好趋势,偿债压力明显上升,营运能力改善微弱。同时,资本市场对此次并购的短期和长期事件反应都不为正。而"新宏远创"在此次投资中获取了丰厚回报。通过分析认为本次并购投资在投资方获取高额收益的条件下,被投资方的公司价值并没有得到相应提升。

This paper aims to investigate the economic effect of private equity investment in terms of improving company value by an in-depth case study of 'New Horizon'merging 'Sichuan Meifeng'. This paper shows that after the 'New Horizon' made this investment, the 'Sichuan Meifeng''s ability to make a profit and generate future cash flows is decreasing, developing potential maintaining the same, debt pressure increasing significantly, operational capacity improved a little bit. Meanwhile, short-term and long-term capital market reactions to the M&A event are not positive. However the 'New Horizon' in the investment obtained huge returns. Through the above work, this paper argues that comparing with the great revenue attained by the investor, the investee is not able to gain the improvement in its company value as it should be in a sense.