I 摘要 经济新常态下，市场竞争不断加剧，上市公司面临着业务优化和转型的需求， 大量企业选择通过并购来扩大生产规模，降低生产成本，提高自身竞争力。随着国 内并购市场的不断发展，利用并购基金进行杠杆收购的方式被广泛应用在并购活动 中，并购基金不仅能优化产业结构，还能解决企业在并购中资金短缺的问题。但是 由于并购基金在我国的发展还不完善，成功案例较少，笔者希望通过对信息披露较 为完整且具有代表性的成功案例进行研究，为我国上市公司在今后的并购活动中提 供借鉴。 本文以企业基金并购为研究对象，以企业并购基金的运作方式及风险控制为研 究内容，主要使用文献研究法和案例研究法展开研究。首先，对本文的选题背景、 研究方法与框架进行了介绍，采用文献研究法归纳了国内外学者在杠杆收购、并购 基金运作方式及并购基金风险控制方面的研究情况。其次，对杠杆收购和并购基金 的概念进行了界定，梳理了几种常见的并购基金运作方式及风险控制手段。然后， 采用案例研究法，从并购的背景、动因、过程和风险等方面对S公司2016年并购A 公司的详细情况进行了介绍。最后，结合后续政策变化，得出了一些启示供其他企 业参考借鉴，并对本文研究中的不足进行了简要说明。 通过案例分析发现，本次并购主要采用了“上市公司+PE”型的并购基金运作方 式，并购成功的因素主要在于投资者对并购前景的一致看好，以及本次并购基金的 结构化安排。从交易方式上看，并购双方选择了“股份+现金”的交易模式，总对价 为18亿元，S公司实际控制人陈先生参股并购基金，通过并购基金收购A公司50% 的股份，解决了现金支付的压力，再通过换股取得A公司100%股权，撬动了近20 倍的杠杆。从并购基金的退出安排上看，由S公司实际控制人陈先生为优先级LP 及夹层进行“兜底”，极大吸引了具有低风险偏好的战略伙伴及投资者，为此次融资 减少了不少资金压力。但随着监管部门政策的缩紧，在去杠杆、去刚性兑付、去多 层嵌套、去资金池的要求下，并购基金的结构化设计收到了极大限制。上市公司在 以后的并购活动中，一方面要按照政策要求调整并购基金的杠杆倍数，不能进行利 用上市公司或上市公司实际控制人的兜底安排来吸引投资者，另一方面，对需要寻 找更为合理的资金来源，来满足并购资金需求，降低融资风险。这就要求企业在引 入并购基金时需要以产业整合为最终目的，采用对企业投后管理更为有利的运作方 广东工业大学硕士学位论文 II 式和退出安排来实现双赢。 关键词：上市公司；并购基金；杠杆收购；风险控制 摘要 III Abstract Under the new normal of the economy, market competition is increasingly intensified, and listed companies are faced with the demands of business optimization and transformation. A large number of enterprises choose to expand production scale, reduce production costs and improve their competitiveness through mergers and acquisitions. With the continuous development of the domestic M & A market, the method of using M & A funds to carry out leveraged buyouts has been widely used in M & A activities. M & A fund can not only optimize the industrial structure, but also solve the problem of capital shortage in M & A. However, there are few successful cases due to the imperfect development of M & A funds in China. The author hopes to provide references for listed companies in China M & A activities in future through the study of complete and representative successful cases of information disclosure. This paper takes the merger and acquisition of enterprise funds as the research object, takes the operation mode and risk control of merger and acquisition funds as the research content, mainly uses the literature research method and the case study method to carry out the research. Firstly, this paper introduces the background, research methods and framework of this paper and the literature research method is adopted to summarize the research situation of domestic and foreign scholars in the aspects of leveraged buyout, operation mode of merger and acquisition fund and risk control of merger and acquisition fund. Secondly, the concept of LBO（leveraged buyout）and M & A fund is defined, and several common operation modes and risk control means of M & A fund are sorted out. Then, the case study method is adopted to introduce the details of company S's acquisition of company A in 2016 from the aspects of background, motivation, process and risk. Finally, combining with the follow-up policy changes, some inspirations are obtained for other enterprises to use for reference, and the deficiencies in this paper are briefly explained. Through case analysis, it is found that this merger mainly adopts the operation mode of "listed company +PE", and the successful factors of the merger and acquisition mainly depend on the unanimous optimism of investors on the prospect of merger and 广东工业大学硕士学位论文 IV acquisition and the structured arrangement of this merger and acquisition fund. Look from the way of trading, mergers and acquisitions both sides chose "stock + cash" trading patterns, the total of price is 1.8 billion yuan, Mr. Chen, the actual controller of company S, shared in mergers and acquisitions funds, through mergers and acquisitions funds acquired a 50% stake in company A to solve the pressure of cash, and then acquire 100% equity of company A through stock exchange, move the lever of nearly 20 times. From the perspective of exit arrangement of merger and acquisition fund, Mr. Chen "took the bottom line" for the priority LP and mezzanine, which greatly attracted strategic partners and investors with low risk preference and reduced a lot of capital pressure for this financing. However, with the tightening of regulatory policies, the structural design of MERGER and acquisition funds has been greatly restricted under the requirements of deleveraging, rigid payment, multi-layer nesting and capital pool. In mergers and acquisitions of listed companies, on the one hand, it should be adjusted leverage buyout funds in accordance with the requirements for policy, not the use of the arrangement of "took the bottom line" by the listed company or actual controllers of listed companies to attract investors, on the other hand, it’s need to find a more reasonable source of funds to meet the demand of mergers and acquisitions funds, and reduce the risk of financing. This requires enterprises to take industrial integration as the ultimate goal when introducing M & A funds and adopt more favorable operation mode and exit arrangement for enterprise post-investment management to achieve win- win situation. Keywords: listed company, M & A fund, leveraged acquisition, risk management 目录 V 目录 摘要 ........................................................................................................ I Abstract ............................................................................................... III 目录 ....................................................................................................... V 第1章 绪论 ........................................................................................... 1 1.1研究背景与意义 ............................................................................. 1 1.1.1研究背景 .................................................................................. 1 1.1.2研究意义 .................................................................................. 1 1.2国内外文献综述 ............................................................................. 2 1.2.1国外文献综述 ........................................................................... 2 1.2.2国内文献综述 ........................................................................... 3 1.3课题来源 ........................................................................................ 5 1.4研究方法与思路 ............................................................................. 5 1.4.1研究方法 .................................................................................. 5 1.4.2研究思路与框架 ........................................................................ 5 第2章 并购基金相关理论 ..................................................................... 8 2.1杠杆收购概念 ................................................................................. 8 2.2并购基金概念 ................................................................................. 8 2.3并购基金运作方式 ...............