摘要
摘要
近年来，上市公司联合PE（Private Equity，即私募股权投资，以下简称 PE）
并购基金逐渐进入资本市场，“上市公司+PE”这种独特的并购方式不仅能使上
市公司加速转型升级获得竞争优势，还能使私募基金退出渠道更加多样化。医疗
行业不乏上市公司联合PE进行并购的典型案例，以爱尔眼科为代表的多家医疗
健康行业上市公司先后设立或参与投资了并购基金，国内并购基金迅猛发展。然
而，事实上不是所有的企业都能够成功运用这种并购模式，企业还得理性看待上
市公司联合PE并购的优势及风险。并购基金固有的融资、运行以及兑付风险，
都是可能导致并购失败的重要原因，进而使公司人财物各方面遭受损失，严重的
话还会扰乱资本市场秩序。近年来兑付危机频频发生，上市公司越来越清晰地意
识到识别并控制并购风险的重要性。上市公司只有提高对并购风险的认识，才能
发挥私募股权投资的优势，充分利用杠杆，提高并购效率，进而推动产业不断升
级、合理优化资源配置，使上市公司扩大市场规模，实现可持续发展。因此，研
究上市公司联合PE并购的风险及防范对策，具有十分重大的意义。
本文先阐述上市公司联合PE并购的发展历程以及面临的风险，再引出爱尔
眼科联合PE并购的案例，叙述爱尔眼科选择联合PE进行并购的动因及运作流程，
然后介绍爱尔眼科联合PE并购面临的风险。设立基金时，爱尔眼科存在PE机构
选择不当的风险，PE机构资质的好坏与能力的高低直接决定了并购基金投资的
成败，另外该阶段所面临的融资风险同样也不容忽视。进入基金运营阶段，委托
代理的风险和项目投资的风险相继产生。并购即将完成时，又存在并购基金退出
的风险，例如并购标的估值风险、支付风险、退出时机选择不当及整合风险等。
本文在研读了一系列上市公司联合PE并购文献的基础上，把上市公司联合
PE并购面临的风险进行了阶段化、具体化整理，针对爱尔眼科联合PE并购存在
的风险提出行之有效的防范对策。爱尔眼科设立并购基金时，必须谨慎选择PE
机构和投资者，从而降低筹资风险；并购基金运营阶段要完善奖励与惩罚机制，
有效降低委托代理和利益冲突风险，明确PE的投资限制，基于战略目标筛选项
目；并购基金退出阶段，要对目标企业的价值做出合理评估；合理控制现金流，
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摘要
降低支付风险；选择恰当时机二次收购，加强整合与协同管理，并进一步提出保
障措施，希望能够为同类型企业并购提供借鉴与参考。
关键词：“上市公司+PE”；爱尔眼科；并购风险；防范对策
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Abstract
Abstract
In recent years, listed companies have gradually entered the capital market with
joint PE (Private Equity) M & A funds, the unique M & A mode of“Listed company
+ Pe”can not only make the listed company accelerate its transformation and upgrade,
but also make the exit channels of private equity funds more diversified. There are
many typical cases of M & A between listed companies and PE in medical industry.
Many listed companies in medical health industry, represented by Aier
Ophthalmology, have set up or participated in M & A funds, and domestic M & A
funds have developed rapidly. However, in fact, not all enterprises can successfully
use this M & A model, enterprises have to rationally look at the advantages and risks
of joint PE M & A of listed companies. The inherent financing, operation and
payment risks of M & A funds are all the important reasons that may lead to the
failure of M & A, and then make the company suffer serious losses in all aspects of
people, property and goods, and even disturb the order of the capital market. With the
frequent payment crisis in recent years, listed companies are more and more aware of
the importance of identifying and controlling the risk of M & A funds. Only by raising
the awareness of the risks of M & A funds, can the listed companies give full play to
the advantages of private equity investment, make full use of leverage, improve the
efficiency of M & A, and thus promote the continuous upgrading of the industry and
optimize the allocation of resources rationally, so that the listed companies to expand
the size of the market to achieve sustainable development. Therefore, it is of great
significance to study the risks and countermeasures of listed companies associated
with PE M & A fund.
This paper first expounds the development course and risks of the merger and
acquisition of the listed company with Pe, then draws out the case of the merger and
acquisition of the joint PE of eyre eye, and narrates the motivation and operation
process of the merger and acquisition of the joint PE of eyr eye, then introduce the
risk of the merger and acquisition of the Pe of Aier ophthalmic union. When setting
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