并购基金价值创造机制与问题研究——以长城国汇并购天目山药业为例-research on the value creation mechanism and problems of m a funds - a case study of great wall guohuis m a of tianmushan pharmaceutical co., ltd..docxVIP

摘 要2012年4月的天目药业收购案是纵横商海17年的“并购教父”宋晓明的得意之作，开 创了中国资本市场“基金收购上市公司”的先河。伴随着我国资本市场趋于完善，资本市 场上的资金筹集能力得到提升。并购基金作为一种特殊的私募股权基金正悄然步入国内资 本市场，正以一种新型的并购方式加快国内企业并购的步伐。未来十年，是中国经济结构 转型、经济全面深化改革的关键十年，在新常态下中国经济必将面临新的挑战和机遇，并 购基金必将在资本市场发挥巨大作用。“投资回报，企业品牌，社会责任”是所有并购基金 管理机构的命脉之所在。并购基金管理人应始终秉承“价值重塑”的理念，积极探索并购 基金带来的机遇和挑战，才能够在中国金融市场开辟出属于自己的一片天地。“小荷才露 尖尖角”般的并购基金在我国蹒跚起步、步履维艰，但是其未来发展空间仍然很大，在市 场化更加开放的今天，相信并购基金在中国资本市场上会走的更远。本文采用案例研究方法，基于公司并购价值创造理论，引出并购基金的内涵和特点， 以长城国汇并购天目药业威力主要从并购基金价值创造、价值创造模式、并购过程中可能 存在的问题进行了分析，虽然此次并购时间较短且最终失败，但是对于我国并购基金未来 发展带来来诸多启示。最后针对我国未来并购基金发展提出了可行的措施，希望有一定的 参考价值。关键词：并购基金，价值创造，价值创造模式IAbstractTianmu Pharmaceutical acquisition in April 2012 of the crossbar to the sea for 17 years, M Godfather Song Xiaomings finest creations, creating Chinas capital market, fund the acquisition of listed companies, the first of its kind. Along with China s capital markets tend to improve, the ability to raise funds on the capital market has been further developed. Mergers and acquisitions as a special fund of private equity funds is quietly entering the domestic capital market, is taking a new approach to speed up the acquisition pace of mergers and acquisitions of domestic enterprises. The next decade, Chinas economic restructuring, deepening reform of key overall economic decade in the new normal Chinese economy will face new challenges and opportunities, acquisition funds will play a huge role in the capital markets. Return on investment, corporate brand, social responsibility is the lifeblood of all mergers and acquisitions where the fund manager. Acquisition fund managers should always uphold the value reshape concept, and actively explore the opportunities and challenges brought by acquisition fund to be able to open up their own place in the world financial markets in China. Lotus Just Buds -like acquisition funds in our faltering start, very difficult, but it is still much room for future development, more open in the market today, I believe the acquisition funds in the Chinese capital mar