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The research of mergers and acquisitions fund operation model

Jennings M

Abstract

At present, the role of mergers and acquisitions in the global capital market becomes more and more important. Mergers and acquisitions fund as private equity funds (PE), has been popular for more than 40 years in the international market. Buyout funds dedicated to industry consolidation reflects the "industrial capital" and "financial capital" interests demands highly complementary and internal fit in the new period. Look from cooperation motivation, listed companies through mergers and acquisitions funds platform, solving the short-term, medium-term and long-term acquisition of funding needs at the same time, also more easy to circumvent triggered by mergers and acquisitions of listed companies audit and disclosure obligations, improve the acquisition efficiency, reduce the risk of information asymmetry in the deal. For PE institutions, not only improve the business model, also reduce our dependence on IPO exit channel, to circumvent the independent investment incubation projects to sell to the uncertainty of the listed company, reduce the cost and raise the yield.

Keywords: mergers and acquisitions funds, pricing mechanism, M&A risk, operation pattern

1 Introduction

International mergers and acquisitions fund first appeared in the United States, and then spread to Europe and Japan. Now M&A has developed into a mature market, the mainstream form of private equity funds. As of January 2012, global mergers and acquisitions fund capital reserves of $367 billion, total private equity fund capital reserve ratio of 40%, 2.3 times for venture capital fund capital reserves. In the first half of 2013 the M&A market performance: emerging markets are the most active in the United States, still the world biggest; Japan and some European countries of the M&A market depressed. In the first half of 2013, the medical technology, communications and other industries, real estate, enterprise become the most popular targets, M&A boom. With a slow recovery in economy, the M&A market performance are the most active in the United States, especially in medical treatment, high-tech industries such as mergers and acquisitions still dominate in the project. Affected by the crisis, the European M&A market demand is reduced, and even spread to many before big emerging markets. In the first half of 2013, the most dramatic year-on-year growth of global mergers and acquisitions amount of traffic, medical treatment, telecommunications industry, oil and gas, science and technology industry potential is obvious. In industry, science and technology industry trade number is more, but the single amount is small, financial, medical, real estate and other single M&A amount is larger. Although due to the effect of macroeconomic, global M&A activity in 2013 has

decreased, but there is no denying the fact that merger, acquisition and reorganization of the development of economy and has played a significant role.

2 Literature review

2.1Mergers and acquisitions fund performance

Alexander represents the mainstream views of mergers and acquisitions fund performance. Alexander mainly evaluated the S&P 500 index in 500 to $2004 buyout funds after adjusting for risk investment performance; Hotchkiss in 1990 to 2006, and two periods in the 1990 s buyout funds investment enterprise performance as a sample for analysis test create value is the buyout funds. Jensen (2006), such as mergers and acquisitions fund mainly judged by both financial and management channels and operation channels create value, is the core of the mergers and acquisitions fund performance create value.

2.2 Mergers and acquisitions fund performance evaluation methods

For mergers and acquisitions fund performance evaluation research mainly focused on the financial index analysis and research methods such as internal rate of return. Oliver (2007) to invest in buy-out funds samples and trade of the main financial indicators of listed company sales revenue, total assets, interest, tax, depreciation and amortization, return on assets, return on sales, and so on has carried on the comparative analysis, which showed the performance of mergers and acquisitions fund. Hahn converts have leverage internal rate of return to no leverage internal rate of return and by using the single factor model to estimate the excess return of buy-out funds. Groh (2009) use of mergers and acquisitions fund investment data sample frame a simulated portfolio investment in the SP500, using internal rate of return estimate the beta of buy-out fund, and evaluate the opportunity cost of capital of mergers and acquisitions.

2.3 Mergers and acquisitions fund organization form

On the basis of the theory of contract theory and the choice of the signal, William (1990) to invest in private equity fund works done detailed research, and points out that since the 80 s, the United States the main pattern of private equity investment fund is a limited partnership. Shaman (1990) was the first system was studied for the limited partnership private equity funds, he told the legal structure of the limited partnership and in some of the problems existing in the management has carried on the thorough analysis. At the same time, he puts forward the limited partnership organization forms of private equity funds can be dealt with in a certain extent due to information asymmetry between private equity investor and the investor and the interests of the inconsistent problems. Lerner (2004) through the establishment of the model and the hypothesis of private equity investment in empirical research of the general partner, it is concluded that by limiting the investor liquidity can soothe investors' adverse selection problem.

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